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Partinership Dissolution Deed
Partinership Dissolution Deed
Partinership Dissolution Deed
you the broad guidelines for the contents of such Indian legal forms
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partnership, the goodwill, fixture, fittings, book and other debts, benefits of contracts, and all effects thereof TO HAVE AND TO HOLD the same unto and to the use of the said Sh-------------------------------------absolutely and forever. 3. The partners have hereby jointly and severally agree that they, or one of them, will pay or cause to be paid to the said outgoing partner or will pay or cause to be paid to the said out going partner the said sum of Rs.-----------------------------------------------------------------------------------in lieu of his share. The said outgoing partner shall alone have full right, liberty and authority to collect all the assets of the said late partnership with power to appropriate the same for his use and benefit and to ask, demand, sue for, recover and receive and to sign and give full and effectual receipts and discharges for all the debts, estate and effects of, or due or owing or in anywise belonging to the said partnership, and to settle all accounts, reckonings, matters and things whatsoever relative to the said business with all and every or any person or persons whosoever, and to compound for or release all or any of the debts or claims belonging thereto, and to institute any actions or other proceedings for compelling payment or delivery thereof. The said retaining partner shall alone remain solely and exclusively liable for the debts and liabilities of the said late partnership and also all future rent of the partnership business premises to be paid and discharged by him who shall further indemnify and keep indemnified the said outgoing partner therefrom and from all actions, proceedings, costs, claims and demands in respect thereof. Each of the parties hereto shall respectively sign, execute and do all such further documents, deeds, act and things as the other party may reasonably require for completely effectuating this agreement and each party shall pay his own costs in connection therewith.
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All moneys payable by installments at a future date under this agreement shall become payable immediately in the event of any act of insolvency being hereafter committed or suffered by the said retaining partner. The said outgoing partnership shall not, carry on or be engaged or concerned in, either by himself or as partner with any person or persons, or as employee or director of any company, any business.
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IN WITNESS WHEREOF the parties hereto have executed these presents on the day, month and year first above written. Signed, sealed and delivered by Sh ---------------------------------------------------(retaining partner) and Sh---------------------------------------------------------(outgoing partner) respectively in The presence of witnesses: 1. 2.