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Loan Contract

This loan contract summarizes the terms of a loan for 3,000,000 Ethiopian Birr (ETB) from a lender to a borrower. The borrower must repay the full loan amount within one month of the contract date without interest. If repayment is not made on time, a penalty of 200,000 ETB will be imposed in addition to any outstanding amounts. The contract is governed by Ethiopian law and can only be modified in writing agreed to by both parties.

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1K views2 pages

Loan Contract

This loan contract summarizes the terms of a loan for 3,000,000 Ethiopian Birr (ETB) from a lender to a borrower. The borrower must repay the full loan amount within one month of the contract date without interest. If repayment is not made on time, a penalty of 200,000 ETB will be imposed in addition to any outstanding amounts. The contract is governed by Ethiopian law and can only be modified in writing agreed to by both parties.

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LOAN CONTRACT

This Loan Contract (the "Contract") is made and entered into on this [Date], (the "Effective Date")
between:

Lender:[Full Name][Address] [Country] and BorrowerCHEN XIUQIN[Address] [Chinese nationality]

1. Loan Amount:

The Lender by proof of this contract lends money in the amount of 3,000,000 Ethiopian Birr (ETB
3,000,000) to the Borrower

2. Loan Repayment:

The Borrower agrees to repay the Loan Amount in full within one month from the Effective Date of this
Contract. The repayment shall be made in Ethiopian Birr, via bank transfer to the following account:
Bank Name: Account Holder: Account Number:

3. Interest:

No interest shall be charged on the Loan Amount for the duration of this Contract.

4. Penalty Clause:

In the event that the Borrower fails to fulfill their obligation to repay the Loan Amount in full within the
specified timeframe, a penalty of 200,000 Ethiopian Birr (ETB 200,000) shall be imposed. This penalty
amount shall be paid in addition to the outstanding Loan Amount and any accrued interest.

5. Default:

If the Borrower fails to repay the Loan Amount, including any accrued interest and penalties, within the
stipulated timeframe, the Lender reserves the right to pursue legal action to recover the outstanding
debt.

6. Governing Law:

This Loan Contract shall be governed by and construed in accordance with the laws of Ethiopia.

7. Entire Agreement:

This Contract constitutes the entire agreement between the Lender and the Borrower. Any
modifications or amendments to this Contract must be made in writing and signed by both parties.
8. Severability:

If any provision of this Contract is found to be invalid or unenforceable, the remaining provisions shall
remain in full force and effect.

9. Binding Effect:

This Contract shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns, and legal representatives.

10. Signatures:

Both parties acknowledge that they have read and understood the terms and conditions of this Loan
Contract and voluntarily agree to be bound by them.

Lender:

_____________________________

[Full Name]

[Date]

Borrower:

_____________________________

[Full Name]

[Date]

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