MEMORANDUM OF UNDERSTANDING

BETWEEN
[Rama Shankar Mishra]
AND
[Sunil Kumar Channa]

INTRODUCTION
THIS MEMORANDUM OF UNDERSTANDING (Memorandum), dated _________, 201_
between [Mr.Rama Shankar Mishra s/o Shri Munni Lal Mishra (age) R/o 12/57 Geeta Colony
Delhi 110031] (FIRST PARTNER); and [Mr. Sunil Channa s/o Faqir chand Channa (age) R/o
1925 Gali no 9 Rajgarh Extension Delhi 110031] (SECOND PARTNER); collectively referred
to as the Partners.
PREAMBLE
The abovementioned partners have established a partnership for carrying on business in the name
and style of M/S Sagar Medicose at X/2859, Street no.5 Raghubar Pura no.2 Gandhi
Nagar Delhi 110031 through a Partnership deed, dated April 1,1999.
Due to compatibility issues among partners, they have mutually decided to terminate the
existing partnership in near future.
The partners have agreed upon the construction of separate shops by equal partition of the
existing partnership premises among themselves within the period of Six Months, they have
mutually decided to contribute towards the construction cost from their share in the partnership.
General Conditions

The Parties hereby agree that the Effective date of the Memorandum shall be the date on
which the Memorandum is signed.
The memorandum shall be binding on the parties till the dissolution of the partnership firm.
The parties shall continue to share profits at their existing terms for the remaining period
of Six months
Notwithstanding anything contained in the partnership deed, no partner will be entitled
extension of time after the expiry of period specified in the memorandum, unless the
partners decide otherwise.
Noncompliance of the condition[s] of the memorandum by either party will put an
obligation on the defaulting party to indemnify the other
In case of any dispute or differences arising out of this Memorandum of Understanding,
each party may as soon as practicable give to other party notice in writing of the existence
of such questions or disputes specifying its nature and the point of issue. If the parties

cannot resolve the matters by a mutually acceptable solutions within (

) business
days, the said dispute or difference shall be referred to and settled by competent court.
Signed and delivered by the within named:
FIRST PARTNER: -

WITNESS 1:-

ADDRESS: -

ADDRESS:-

SIGNATURE: -

SIGNATURE:-

WITNESS 2:ADDRESS:SIGNATURE:-

SECOND PARTNER: -

WITNESS 1:-

ADDRESS: -

ADDRESS:-

SIGNATURE: -

SIGNATURE:-

WITNESS 2:ADDRESS:SIGNATURE:-