There comes a time in many people’s lives when a friend or loved one asks for a personal loan. This can be for many reasons, including paying off bills, going on vacation or even buying a house. While many times these contracts are “handshake deals” it is really for everyone’s best interest to engage in contract negotiation in Staten Island NY so that everyone knows the details of the deal at hand and knows what can be expected when it comes to enforcement of the loan. By using an attorney to assist in contract negotiation in Staten Island NY, every part of the agreement for a personal loan can be put in writing, meaning a clearer agreement that is easier to stick to.
When a personal loan is for a large amount of money and has interest involved, it is best to put that agreement in writing. While it is possible for parties to write this agreement up themselves, the best option is to use an attorney to write up the agreement and help negotiate the deal. There are many aspects of a personal loan that the parties may not think of, such as payment dates, grace periods, what happens if a payment is missed or how long the loan payments will last. When these aspects of a personal loan are put on paper, there is more transparency when it comes to that loan, making it easier for all sides to act on the contract.
While contract negotiation may seem formal when it comes to a loan to a family member or friend, having a clear statement as to what is expected of everyone in the form of a contract can keep personal issues out of that loan later on.