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drafting:partnership_deed

Partnership Deed Draft

AN AGREEMENT made the …………… day of ………… BETWEEN ……………….R/o ……………..of the One Part and …………………………..of R/o …………………….. of the Other Part.

WHEREBY IT IS AGREED that the parties hereto (hereinafter together called the partners) shall be partners in the business of imports and exports of Textile products upon terms hereinafter contained namely:

1. The partnership business shall be carried on under the firm name of …………………………….……at……………………..and at such other place or places as the partners may from time to time approve.

2. The partnership shall continue until determined as hereinafter provided.

3. The partners shall immediately after the signing of this agreement pay into an account to be opened in the name of the partnership at ……………………..………Bank…………………….……….Branch the following sums namely the said (first partner) the sum of Rs./₹………….. and the said (second partner) the sum of Rs./₹…………….. .

4. The capital and profits of the partners shall belong as to ……………………….…………..to the said (first partner) and as to …………………………………….… to the said (second partner) and they shall bear all losses in the same proportions.

5. That partner to the one part shall order to the partner to the other part to deal with the parties regarding price, quality standard, quantity and time of delivery of product or performance of the contracts made by him with third persons from time to time and do all necessary incidental and consequential matters, to purchase textile manufactured products from India and same do all necessary functions as may be required by him to acquire and subsequently deliver the same to the party to the one part in Denmark.

6. The usual books of account shall be kept properly, posted up.

7. On the ……………day of………….…. and on each succeeding…………..day of…………..and……………….an account shall be taken of all assets and liabilities of the partnership and a balance sheet and profit and loss account showing what is due to each partner in respect of capital and share of profits shall be prepared and shall be signed by each partner who shall be bound thereby unless some manifest error shall be found therein within ……………….in which case such error shall be rectified.

8. Each partner shall be just and faithful to the other and shall diligently attend to the partnership business and devote his whole time attention thereto.

9. Neither partner shall without the consent of the other engage in any business other than that of the partnership or engage or dismiss any employee of the partnership or become bail or surety for any person or lend any partnership property release any debt due to the partnership or except in he ordinary course of business draw accept or endorse any bill of exchange.

10. The partnership may be determined by either partner giving to the other not less than…….moth’s notice in writing expiring on the …………….day of …….……or the …………….day of……………….in any year.

11. If the partnership shall be determined by notice pursuant to the preceding clause or dissolved by the death or insolvency of either partner or by order of the court the partner to whom notice is given or the surviving or solvent partner or the partner on whose application such order was made as the case may be may within………………..days from the giving of such notice or within………. days from such death or insolvency or the making of such order as the case may be by notice in writing to the other partner or his legal representatives executor, administrator or receiver elect either to have the partnership wound up pursuant to the provisions of the partnership, or to purchase the share of the other partner at the net value thereof as agreed between the partner giving notice (hereinafter called the purchaser) and the other partner or his legal representatives executor, administrator or receiver as the case may be (hereinafter called the vendor) or in default of such agreement as assessed by a valuer to be nominated by the purchaser and the vendor jointly in writing or in default of such nomination to be appointed by (………………………………….…..) and in agreeing or assessing the net value of such share the goodwill of the partnership shall be taken into account.

12. Any valuer so nominated or appointed shall act as an expert and not as an arbitrator and his professional charges shall be borne by the vendor and the purchaser in equal shares.

13. On the purchase by one partner of the share of the other partner pursuant to the last preceding clause hereof the purchase money shall be paid with interest thereon at the rate of Rs./$ ……………………………..per cent from the date of determination or dissolution of the partnership within…………from such date.

14. All disputes and differences between the partners or between their respective legal heirs or between either partner and the representatives of the other partner either during the partnership or afterwards as to the construction of this agreement or in respect of any matters as to the account, valuation or division of assets, debts or liabilities, or as to any act deed or omission of either partner or as to any other matter in any way relation to the partnership business or the affairs thereof shall be referred to a single arbitrator for its decisions.

IN WITNESS WHEREOF both the parties has set their respective hands to execute this deed of Partnership.

Signatures of both the parties.

1.

2.

Witnesses:

1. Name Signatures

2. Name Signatures


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Created on 2020/12/08 09:41 by Japhin Raj • Last modified on 2020/12/08 09:41 by LawPage