Partnership Agreement between Two Limited Companies

Updated at:March 2010
 
FREE EXCERPT

THIS DEED OF PARTNERSHIP is made at_____on this_________ day of_______between M/s__________________, a Company registered under the Companies Act, 1956. And having its registered office at ________hereinafter referred to as the, Party of the First Part and M/s.____________ A Company registered under the said Act and having its registered office at _____________Hereinafter referred to as the 'Party of the Second Part'.

WHEREAS both the parties of the First Part and of the Second Part are, under their respective Memorandum of Association, entitled to carry on the business of producing electricity and supplying the same to any area.

AND WHEREAS both the Parties of the First Part and Second Part are entitled to enter Into partnership with any person or persons including a company for carrying on the business authorised by their respective Memorandum of Association.

AND WHEREAS the parties hereto have proposed to set up in joint collaboration a plant to produce electricity and supply the same to the town of ___________and to enable them to pool together their finances and technical expertise they have therefore proposed to enter into a partnership.

AND WHEREAS the parties have obtained license or permission of the Government for producing and supplying electricity to the said town.

AND WHEREAS it is, therefore, proposed to enter into this deed of partnership containing the terms and conditions agreed upon between the parties.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:-

  1. The parties hereto agree to carry on the business hereinafter mentioned in partnership on the terms and conditions herein mentioned, In the name and style of M/s.________________________

  2. The partnership shall commence from the... day of... and the period of the Partnership shall be for a period of ten years from the date hereof. The said period may be extended as the parties may by mutual consent decide.

  3. The business of the partnership (hereinafter referred to as the 'Firm') consist of setting up a plant for manufacture or production of electricity on grid system and to supply-the same to the town of ________

  4. The office of the partnership shall be at _________, the parties will open branches at such other places as may be agreed upon.

  5. The parties have contributed towards the initial capital of the firm a sum of Rs____________ in equal shares. The partners will contribute such further amounts towards the capital of the firm in equal______shares as may...

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