The terms of the loan can be set out in a Loan Agreement. This would cover of the loan including the length of time before the capital is meant to be repaid, a specified repayment date, the amount of the repayments and what would happen in the event of a default. Other topics which might need to be addressed include who would pay any additional costs incurred, what would happen in the event of severance and or a wish from either party to amend the terms.
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