Partnership - dissolution of partnership agreement

Partnership - dissolution of partnership agreement.

Sample

 "RECITALS:

A. The parties have conducted in partnership an accounting practice known as ?A3? at ?A4? ( called "the Partnership").

B. The Retiring Partner has given notice to the Continuing Partners that he intends to determine the Partnership on ?A5? ( called "the date of determination") and the Continuing Partners have accepted the notice as a valid notice pursuant to the Partnership Act 1958.

C. The Retiring Partner has agreed to sell and the Continuing Partners have agreed to purchase the Retiring Partner's interest in the Partnership on the date of determination on these terms and conditions .

NOW THIS AGREEMENT WITNESSES as follows:

1. The Retiring Partner has given notice to the Continuing Partners pursuant to the Partnership Act 1958 of his intention to determine the Partnership on the date of determination on these terms and conditions .

2. The Retiring Partner agrees to transfer to the Continuing Partners all his right, title and interest in the Partnership on the date of determination and from the date of determination, the goodwill of and all furniture, furnishings, plant, equipment and books, deeds, papers and files and all records acquired in any manner by the Partnership for the purposes of the Partnership business must belong as from the date of determination to the Continuing Partners.

3. In consideration of the Retiring Partner agreeing to transfer all his right, title and interest in the Partnership to the Continuing Partners, the Continuing Partners agree to pay to the Retiring Partner the sum of ?A6? on the signing hereof.

4. The Continuing Partners release from and agree to indemnify the Retiring Partner against all actions, accounts, claims and demands whatsoever in relation to the Partnership arising directly or indirectly out of any act, omission or representation of the Continuing Partners after the date of determination.

The Continuing Partners must have the full right and liberty to collect all the assets of the Partnership and to ask, demand, sue for, recover and receive and to sign and give full and effectual receipts and discharges for all and singular, the debts, estates and effects of or due or owing or in any way related to the Partnership and to settle all accounts, reckonings, matters and things howsoever related to the Partnership with all and every person or any person or persons and to compound for or release all or any of the debts or claims?..

6. The Retiring Partner releases the Continuing Partners and the Partnership from and against any claim, demand, action or suit of whatever nature arising out of any capital account, loan account or current account or otherwise he may have against the Partnership or Continuing Partners or any of them as at and from the date of determination save and except for such that may arise out of any default of the Continuing Partners or any partner under this Agreement. "