Section 5: Content of a Security Agreement

A Security Agreement shall:(a) reflect the intention of the Grantor and Creditor to create a Security Interest;
(b) identify the Grantor and Creditor;
(c) describe the secured obligation including the maximum amount for which the Security Interest is enforceable;
(d) describe the Collateral adequately;
(e) indicate the tenor of the obligation secured; and
(f) confirm the agreement by parties to submit to arbitration, as first recourse in a situation that any civil dispute arises.