This sample Game Loan Agreement should be used when a game developer or game developers want to borrow money from a private individual (not a bank, government agency or funding body) to finance the development of a game or app. The loan is unsecured and interest free until the stated ?repayment date?. It attracts interest if not repaid on that date. The developer must repay the loan out of the revenue earned by the Game in priority to paying the development team.
This sample letter agreement includes the most common terms which the parties need to consider and agree to including the lender?s and borrower?s rights and obligations, details of the loan, repayment dates, interest rates, security and copyright.
NOTE: Arts Law strongly recommends legal advice be sought on the agreement you have drafted before you sign or rely upon the agreement. If the agreement is changed this may affect its legal accuracy. All changes should be checked with a lawyer. Contact us for legal advice here.
