Is a Loan Agreement a Contract?
We are often asked “Is a Loan Agreement a Contract?”
At Francis Wilks & Jones we have an experienced team specialising in drafting loan agreements and are able to answer any questions you may have about the content of the loan agreement itself together with the execution process. With regard to execution, some of the areas we could assist with are as follows:
- Authorised Signatories – ensuring that the individuals signing the business loan agreement are authorised to do so. We can help ensure the correct checks are made on this, including if necessary by reference to the company’s articles of association
- Wet Ink Originals vs Electronic Execution - we can advise on the fast changing rules relating to electronic execution of documents, how you do this and ensuring the process is properly set up and completed. If it cannot be done electronically, we can advise on the more traditional ways of making sure the contract is legally binding.
- Witnessing of the Loan Agreement? - We can advise on how best to ensure the loan agreement (and any supporting security documents) are properly witnessed in order to avoid potential disputes later on
- What if the Governing Law is not England and Wales? - If the governing law clause in the loan is another jurisdiction, it is worth checking the signing requirements of that jurisdiction to ensure that it has been validly executed. Some jurisdictions may require notarisation of witnesses’ signatures.
- Powers of Attorney - If all the parties cannot be present at completion to sign the loan and electronic execution is not a viable option, we can advise how powers of attorney can be used to resolve this issue.
Contact expert banking solicitors now
Please contact one of our expert loan agreement lawyers now for your friendly informal consultation. At Francis Wilks & Jones, we have significant experience in banking and deal regularly with loan agreements and their execution. We are highly skilled and have helped many companies and individuals with their banking enquiries. We offer quick and effective banking advice, whatever your situation, don’t delay. Call now for a friendly consultation.