A commercial pledge agreement is one that is entered into between two parties namely the borrower and the lender. The pledgeable property is provided by the borrower to the lender for obtaining a loan.
The borrower and the lender are known as the pledgor and the pledgee namely in a commercial pledge agreement. In a commercial pledge only movable property belonging to the business premises of the company can be pledged to obtain a loan.
The agreement of commercial pledge provides information such as the name and business address of the pledgor, the amount of loan along with rate of interest, details of the security provided by the pledgor, assurance of the pledgor to repay the amount of loan along with interest, term period of the loan, penalty for delay in payment of the loan, any other ancillary clause relevant to the commercial pledge being provided by pledge.
The commercial pledge agreement has to be on a specific date and signed by both the pledgor and the pledgee
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