Loan agreement, sales agreement, employment contract.

loan contract

Is it possible to repay the debt in a form other than cash?

A loan agreement involves the transfer of the ownership rights in the borrowed money. The borrower is not required to repay the borrowed money in the form of the same money; instead, they can repay it with funds from any source, as long as the amount is equivalent to the borrowed money. Additionally, the borrowed money can be replaced with other items or assets if both the borrower and the lender agree to accept these items or assets in lieu of the borrowed money. This is governed by commercial and business law, Article 656.

“If a loan agreement is made between parties, and the borrower agrees to accept goods or other assets in lieu of the borrowed money, you shall consider it as a debt of money payable in an amount equivalent to the market price of the goods or assets at the time and place of delivery. If a loan agreement is made between parties and the lender agrees to accept goods or other assets as a repayment in place of the borrowed money, the debt is suspended because such repayment shall be considered as an amount equivalent to the market price of the goods or assets at the time and place of delivery. Any contrary agreement shall be deemed null and void.”

Proof of loan

• In cases where the borrowed amount does not exceed 2,000 Baht, the law does not require continuous evidence of the loan, even if the agreement is made verbally. When a breach of the agreement or contract occurs, it is possible to file a legal action and initiate a lawsuit according to the law.
• กรณีกู้ยืมเงิน มากกว่า 2,000 บาทขึ้นไป ต้องทำสัญญาการกู้ยืมและต้องมีลายมือชื่อของผู้กู้อยู่ในสัญญา หากไม่มีหลักฐานหรือสัญญา จะไม่สามารถฟ้องร้องบังคับคดีได้ แม้ว่าหนี้นั้นจะชอบด้วยกฎหมายก็ตาม

Details of loan contract documents

A loan agreement or evidence of a loan can take the form of a self-written document, a letter, or any written material. It can also be in the form of an official form. However, it is necessary to have the following elements in the agreement:

1. The date of the loan contract
2. Borrower name, Lender name
3. Loan amount
4. Reimbursement schedule
5. Interest per month/per year (if any)
6. Borrower’s signature
7. Lender’s signature (may or may not have)

Certainly, additional details and subheadings can be included in a loan agreement to provide more comprehensive information. These may vary depending on the specific loan arrangement and the requirements of the parties involved. Here are some common subheadings and details that can be added to a loan agreement:

sales contract

Criteria for entering into a sales contract

1. Individuals who enter into a contract, both the buyer and the seller, must have sufficient mental capacity to make decisions on their own. From a legal perspective, this typically means reaching the age of majority, which is commonly 20 years old.
2. Both the buyer and the seller must have a genuine desire or intention to engage in the transaction. The buyer should genuinely want to purchase the property, and the seller should genuinely want to sell it. Both parties need to communicate their intentions clearly to each other.
3. The buyer’s goal is to acquire ownership or rights to the property, while the seller’s goal is to receive payment for the property. Importantly, the goals of both parties must not violate any laws, disrupt the peace and order, or go against good moral principles of society. These goals should be genuinely achievable.
4. The seller must transfer ownership rights to the buyer. The transfer of ownership rights can occur even if the buyer has not yet received or possessed the property.
5. The buyer must agree to pay the price of the property to the seller. This can be a formal agreement to make the payment, and it may not necessarily require an actual payment to occur immediately.

How to sign a contract

• In the case of real estate transactions, there is no specific form required. Expressing the intention to buy or sell the property can be done orally, in writing, or by any other method. Once the agreement to buy and sell is reached, the transfer of ownership occurs immediately, and it creates a “debt” on both parties that they must fulfill.
• However, in the case of special types of real estate transactions, there are specific forms and legal requirements mandated by the law. These requirements may include the need to create a written document and register it with the relevant authorities or officials, even if there is an agreement to buy or sell verbally. It’s essential to adhere to these legal requirements to ensure the validity and enforceability of the transaction.

• “Real property” refers to immovable property that is permanently attached to the land. This includes land itself, houses, buildings, row houses, permanent structures, standing timber, rivers, canals, minerals, gravel, as well as rights related to land ownership such as servitudes, usufructs, and mortgages. Real property is distinguished from personal property, which can be moved and is not permanently attached to the land.
• “Special type of movable property” includes ships/ships of 5 tons or more, steamboats, and rafts for human habitation. Animals used for driving, pulling carts, and carrying vehicles such as elephants, horses, cattle, and buffaloes.

If you don’t have confidence in the transfer of documents or ownership, you can find legal counsel or hire a professional lawyer.

employment contract

Employment contract details

1. Contract periods can be categorized into three types: with a specific duration, without a specific duration, and based on the completion of the work. In the case of contracts with a specific duration, it is advisable to set a duration of at least 1 year or more.
2. The content of the work must be specified by the employer, including job positions, job descriptions, the scope of work, and responsibilities in order to achieve quality and efficiency goals.
3. Employers must have measures in place to ensure the safety and health of laborers.
4. Compensation: The employer pays wages to the laborer in the form of money based on the position and capabilities. Compensation must specify the amount of money, the date, and the location of payment, and it must not be lower than what the law prescribes.
5. Work Regulations: The rules and regulations that the laborer must adhere to while working, including the regulations set by the organization or unit where the laborer is employed, are considered the work regulations that the laborer must follow.
6. Termination of Contract: Conditions that lead to the termination of the contract must be specified in the contract. These conditions may go beyond what the law stipulates and can be an agreement on how the contract will be terminated between the laborer and the employer.
7. Breach of Contract: If either party intentionally or negligently breaches the contract, causing the contract to be unable to proceed as usual, the party that breached the contract should bear the legal responsibility arising from the breach. This responsibility must be fair and reasonable.

Steps for making an employment contract

1. Both parties to the contract should evaluate whether they meet the conditions for hiring or being hired.
2. Writing an employment contract should be done in compliance with the laws and policies of the country and should accurately reflect the reality of the employment relationship.
3. The content of the contract must be written succinctly or in detail, and it must comply with the laws and regulations of the country.
4. The language used in the contract must be easily understood to avoid any misunderstandings or differing interpretations between the parties to the contract.
5. The responsibilities of the contracting parties should be clearly defined. Responsibility is not only crucial in the contract but also serves as a vital piece of evidence in labor-related dispute resolution.
6. The date of contract execution and the effective date of the contract should be clearly stated in the contract.
7. The duties of the laborer specified in the contract must not disrupt public order and good morals.
8. After completing the contract, it is advisable to consult with legal experts, lawyers, or find an attorney to review the correctness of the contract and avoid future issues.

Termination of contract

• If the employee wishes to terminate the employment contract, they must provide written notice to the employer with a notice period of 30 days in advance.
• Or there may be circumstances where the law allows for the contract to be terminated at any time, such as when the employer forces the employee to work under duress, threatens, or unlawfully restricts their personal freedoms. The work is hazardous and poses a serious threat to the employee’s health, as confirmed by the labor or public health authorities, among other reasons.

Details of employment contract documents

1. The date on which the employment contract is made
2. Name of employer, name of worker/contracto
3. Workplace address
4. Payment amount, date, and channel
5. The duties of the contractor, job success conditions, and work schedule.
6. working hours
7. welfare benefit
8. Term of the contract
9. Termination of contract
10. Employer’s signature
11. Contractor’s signature
12. Witness signature.

An employment contract may include additional detailed provisions such as the contractor’s/employer’s responsibilities, hiring periods, security deposits, and more.

If you are unsure about the details in the contract, seeking legal advice or having an attorney review the contract can be beneficial. It can help ensure that the contract is fair and legally sound, protecting the interests of both parties and reducing the risk of future disputes or misunderstandings. It’s generally a good practice to have legal professionals assist in drafting or reviewing contracts to avoid potential pitfalls.

Reference source

• กองกฎหมาย(2018)คำแนะนำเบื้องต้นสำหรับการทำสัญญากู้ยืมเงินและตัวอย่างแบบสัญญากู้ยืมเงิน Available at:http://abt.in.th/_files_aorbortor/011514/uploads/files/20181009151525_62872.pdf (Accessed: 13 July 2023).
• Pongklam, W. (2020) สิ่งที่ลูกหนี้ต้องรู้! ก่อนตกลงทำ ‘สัญญากู้ยืมเงิน’. Available at: https://www.ofm.co.th/blog/สัญญากู้ยืม/ (Accessed: 13 July 2023).
• Super user (2017) การซื้อขาย. Available at: https://www.cpao.go.th/กฎหมายน่ารู้/72-การซื้อขาย.html (Accessed: 13 July 2023).
• สรุปขั้นตอนการโอนที่ดิน ณ สำนักงานที่ดิน พร้อมเอกสารการโอนที่ดิน อย่างละเอียด (no date) ความรู้เกี่ยวกับอสังหาริมทรัพย์. Available at: https://landprothailand.com/th/how-to-transfer-property-ownership/#- (Accessed: 13 July 2023).