Retirement deed between Partners

Updated at:March 2010
 
FREE EXCERPT

THIS DEED OF RETIREMENT is made at (city) this____________day of __________,

20__, BETWEEN: 1) _________________________ 2)________________________________, both Indian Inhabitants of (city), hereinafter referred to as "THE CONTINUING PARTNERS" of the ONE PART and___________________, also an Indian Inhabitant of (city), (Hereinafter referred to as "THE RETIRING PARTNER" of the OTHER PART.

WHEREAS the parties hereto were carrying on business in partnership under the name and style of _________________________ as per Deed of Partnership executed ________.

AND WHEREAS the Retiring Partner expressed his desire to retire from the said firm on and with effect from the close of _______, 20_.

AND WHEREAS the Retiring Partner has retired from the said partnership with effect from the close of ___ day of ____________, 20_____

AND WHEREAS the parties hereto are desirous of reducing into writing the terms and condition relating to the retirement of the parties hereto of the Other Part from the said partnership business.

NOW THIS INDENTURE WITNESSETH AS FOLLOWS:

  1. It is agreed that the Retiring Partner has retired from the partnership business carried on under the name and style of M/S.______________ (Hereinafter called the "said firm") and accordingly he cease to be Partner of the said firm from the close of ____ day of _________, 20__and the parties hereto mutually agree to do all the things necessary according to the provisions of the Indian Partnership Act 1932 or any modification or re-enactment thereof for the time being in force in order to give effect to the said Retirement.

  2. The parties hereto agree that the changes herein recorded are changes consequent upon change in the constitution of the firm not involving the Dissolution of the firm.

  3. The parties hereto have prepared the Balance Sheet as on ______20_, being relevant to the date of retirement and reflecting all assets and liabilities of the firm and have determined the amounts payable to the Retiring Partner which shall be paid on or before ___________ 20_________.

  4. In view of the retirement with effect from the close of ___ day of ___, 20_ the Retiring Partner, will have no share, right, title or interest or claim of any nature whatsoever to or in the said partnership firm or business or assets of its name or its properties, whether tangible or intangible, including the out-standings etc. whatsoever and whosesoever, save and except as herein provided.

  5. It is hereby covenanted that...

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