TAKING OUT A LOAN UNDER DUTCH LAW
A loan agreement in the Netherlands must be carefully prepared, especially in cross-border cases, in order to avoid possible disagreements later on. Most cases we encounter as contract lawyers relate to the interpretation of a contractually agreed clause. If points are unclear, this is a breeding ground for a variety of questions of explanation and thus discussion. For example, if you take out a loan under Dutch law, it is advisable to record this in a loan agreement.. It is therefore a good idea to seek advice from a lawyer in the Netherlands The English-speaking contract law specialists at MAAK Advocaten are often confronted with disputes where the terms of a loan agreement have not been properly negotiated. It is also advisable to register your loan agreement with the tax authorities (belastingdienst). In short, drawing up a loan agreement is a science in itself and you will require expertise.
DRAFTING A LOAN AGREEMENT THROUGH A DUTCH LAWYER
You enter into a written loan agreement in the Netherlands (or with a Dutch counterparty) because as a lender or borrower you recognise the importance of a good contract. In general, it is advisable to have the loan agreement reviewed by an expert, such as a lawyer. This prevents you from overlooking important matters and ensures that your interests are protected as best as possible.
In cross-border cases, such as the UK and the Netherlands, language barriers may also arise, making it difficult to draw up a contract. In addition, the English regulations on loan agreements differ from those of Dutch law. It should therefore be carefully examined which law is applicable when concluding a loan agreement. This applies both to consumer loans and to loan agreements between two companies.
LOAN AGREEMENTS DUE IN THE NETHERLANDS
In a loan contract you can specify the period within which the loan must be repaid. The loan agreement also contains a statutory or contractual interest rate that the borrower must pay to the lender. Under Dutch law, the parties must specify the amount of the agreed interest in writing, otherwise interest will be payable at the statutory rate. In addition, the parties may contractually agree that the lender will receive security for the repayment of the loan, which may be the creation of a pledge or mortgage.
A due loan agreement in the Netherlands often becomes immediately due and payable in full if an instalment remains unpaid. From a contractual point of view, there are a number of possibilities to make a tailor-made agreement on this. For example, an additional instalment may be granted if a single instalment is overdue, or a default notice may be required. Our specialist contract lawyers in the Netherlands will be happy to assist you in adapting your contracts.
INITIATION OF INTERIM PROCEEDINGS ON THE LOAN AGREEMENT
If you fear that the obligations of a loan agreement will no longer be met, you can force payment (of an advance) in urgent cases in interim proceedings. As a rule, you are in court within 4-6 weeks and receive a judgement 2 weeks later. MAAK Advocaten’s litigators in the
Netherlands are experienced in this type of dispute and can assist you in court proceedings and especially in interim proceedings in the Netherlands.
SPECIALIST LAWYERS FOR LOAN AGREEMENTS IN THE NETHERLANDS
Do you have questions about drawing up a loan agreement or are you unsure about clauses in your loan agreement? Feel free to contact us! Our English-speaking lawyers in Holland will be happy to advise and support you, especially in cross-border trade relations and international contracts.
Contact the English-speaking specialist lawyers in Amsterdam for questions about international legal disputes. MAAK Advocaten will be happy to help you. Phone: +31 (0) 20 – 210 31 38E-Mail: firstname.lastname@example.org Contact: Martin Krüger | Attorney / Partner | MAAK Attorneys NV.