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Last revision: 05/11/2023
Available formats: Word and PDF
Size: 3 to 4 pagesFill out the template
The Loan Amendment Agreement is a document by which the lender(s) and borrower(s) agree to modify their loan agreement. This document alters the original loan agreement by adding, deleting, or changing the terms of their contract. It serves as an addendum or supplement to the original agreement, which means that both the loan agreement and this amendment constitute one entire agreement.
This document should be used in cases where parties want to amend their Loan Agreement or Promissory Note without changing or revoking the entire agreement. Therefore, instead of drafting the whole loan agreement, the parties can add, delete, or modify specific clauses.
How to use this document
The first step is to identify the provisions of the original contract that needs to be modified, after that, the document should be completed by entering all the required information.
After completing the document, it should be printed, and copies of this document should be signed by all the parties to the agreement.
If one of the parties is a Nigerian company, the document should be signed by either two directors of the company or one director and one company secretary. If one of the party is a business name, incorporated trustee or other registered organization, the document should be signed by one officer of the organization.
Each party should keep one signed copy for record purposes.
The principal laws applicable to money lending in Nigeria are the Money Lender Act and Money Lender Laws of various states. Also, the general rules of contract apply to this agreement.
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