Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 42. Modification and Termination of Agreement
 
The Agreement can be modified and terminated with the consent of both parties 
unless otherwise stated in this Law, other legislative acts or the Agreement. 
The Borrower shall be entitled to reject unused micro-credit within two weeks of 
signing the Agreement by notifying the creditor in writing. These terms shall be set by the 
micro-crediting policies and stipulated in the agreement.
The Creditor shall be entitled to unilaterally terminate the agreement if the borrower 
has not used the micro-credit within one month after making of Agreement by providing 
written notice to the borrower. 
The Date of submitting the letter to the creditor/borrower or postmark date shall be 
considered the date of notification. 
 
Article 43. Advanced Repayment
The borrower shall be entitled to repay the principal and interest of micro-credit 
ahead of schedule. In this case interest payments shall be made only for the period of the 
micro-credit’s actual use. 

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The deadline for advanced repayment of micro-credit shall be established by internal 
policies of the micro-credit organization and reflected in the terms and conditions of the 
contract. 
Article 44. Borrower’s Guarantees of Repayment
 
The repayment of a borrower’s liabilities may be guaranteed by warranty, joint 
responsibility, collateral, surety, insurance policy, and other methods stipulated in the 
agreement.
Revenues and warranty provided by the borrower to guarantee to honor liabilities 
related to micro-credit must be sufficient to repay the micro-credit principal and accrued 
interest. 
Micro-crediting policies may include procedures to provide micro-credit without 
guarantee (blank loan).