2. The contents of the loan contract include the loan type, currency, purpose, amount, interest rate, term and repayment method.
3. The number of copies of the loan contract shall be determined according to the number of both parties to the contract. In principle, both parties to the contract need one.
Law of the People's Republic of China on Economic Contracts
Article 1 These Regulations are formulated in accordance with the relevant provisions of the Economic Contract Law of the People's Republic of China in order to strengthen the management of credit funds, improve the efficiency in the use of funds, protect the legitimate rights and interests of the parties to loan contracts and ensure the implementation of the national credit plan.
Article 2 These Regulations shall apply to the loan contracts signed between enterprises and institutions owned by the whole people and collectively (hereinafter referred to as borrowers) and banks and credit cooperatives that practice independent economic accounting (hereinafter referred to as lenders).
Extended data:
Legal liability:
Article 15 If the borrower fails to use the loan according to the purpose stipulated in the contract, the lender has the right to recover part or all of the loan, and charge a penalty interest at the interest rate stipulated by the bank for the part used in violation of the contract. If the circumstances are serious, the bank may stop issuing new loans within a certain period of time.
Article 16 If the borrower fails to repay the loan on time, the lender has the right to recover the loan within a time limit and collect the penalty interest according to the regulations of the bank. If the borrower repays the loan in advance, the interest will be reduced according to bank regulations.
Article 17 If the lender fails to provide the loan on time due to its own responsibility, it shall pay the borrower liquidated damages according to the amount of default and the number of days of extension. The calculation of the amount of liquidated damages is the same as the calculation of penalty interest in Article 16 of these regulations.
Article 18 If the borrower uses the loan to cause losses and waste or uses the loan contract to engage in illegal activities, the lender shall recover the principal and interest of the loan, and the relevant units shall investigate the administrative responsibility and economic responsibility of the person directly responsible. If the circumstances are serious, criminal responsibility shall be investigated by judicial organs.
Nineteenth bank and credit cooperatives staff dereliction of duty, resulting in loan losses or illegal activities using loan contracts, should be investigated for administrative and economic responsibility. If the circumstances are serious, criminal responsibility shall be investigated by judicial organs.
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