Partnership Deed: Principal Place of Business
Partnership Deed: Principal Place of Business
Partnership Deed: Principal Place of Business
Name.
The partnership shall be conducted under the name of ___ and
shall maintain offices at
Day-To-Day Operation.
The partners shall provide their full-time services and best
efforts on behalf of the partnership.
No partner shall receive a salary for services rendered to the
partnership.
Each partner shall have equal rights to manage and control the
partnership and its business.
Should there be differences between the partners concerning
ordinary business matters, a decision shall be made by
unanimous vote.
It is understood that the partners may elect one of the partners
to conduct the day-to-day business of the partnership;
however, no partner shall be able to bind the partnership by act
or contract to any liability exceeding without the prior written
consent of each partner.
Capital Contribution.
The capital contribution of each partner to the partnership
shall consist of the following property, Partner 1: Capital
contribution includes his existing grape acreage as of January 1,
2010. Grape acreage is estimated, with a 5% margin of error, at
190 acres valued at approximately 775,000. An additional cash
capital contribution of $180,000 will also be made. Capital
contribution does not include any equipment, buildings, or
open land.
Partner 2: Capital contribution is $180,000 to be financed by
Partner 1 or another lender.
services, or cash which each partner agrees to contribute:
The partnership shall maintain a capital account record for
each partner; should any partner’s capital account fall below
the agreed to amount, then that partner shall
(1) have his share of partnership profits then due and payable
applied instead to his capital account;
(2) pay any deficiency to the partnership if his share of
partnership profits is not yet due and payable or, if it is, his
share is insufficient to cancel the deficiency.
Family Members.
For purposes of this Agreement, members of the "immediate
family" of a Partner are hereby defined to be such person's
spouse or children.
Notices.
Any and all notices, offers, acceptances, requests, certifications
and consents provided for in this Agreement shall be in writing
and shall be given and be deemed to have been given when
personally delivered against a signed receipt or mailed by
registered or certified mail, return receipt requested, to the last
address which the addressee has given to the Partnership. The
address of each partner is set under his signature at the end of
this Agreement, and each partner agrees to notify the
Partnership of any change of address. The address of the
Partnership shall be its principal office.
Governing Law.
It is the intent of the parties hereto that all questions with
respect to the construction of this Agreement and the rights,
duties, obligations and liabilities of the parties shall be
determined in accordance with the applicable provisions of the
laws of the State of Pakistan.
Miscellaneous Provisions.
This Agreement shall be binding upon, and inure to the benefit
of, all parties hereto, their personal and legal representatives,
guardians, successors, and their assigns to the extent, but only
to the extent, that assignment is provided for in accordance
with, and permitted by, the provisions of this Agreement.
Nothing herein contained shall be construed to limit in any
manner the Partners, or their respective agents, servants, and
employees, in carrying on their own respective businesses or
activities.
The Partners agree that they and each of them will take
whatever action or actions as are deemed by counsel to the
Partnership to be reasonably necessary or desirable from time
to time to effectuate the provisions of intent of this Agreement,
and to that end, the Partners agree that they will execute,
acknowledge, seal and deliver any further instruments or
documents which may be necessary to give force and effect to
this Agreement or any of the provisions hereof, or to carry out
the intent of this Agreement, or any of the provisions hereof.
Throughout this Agreement, where such meanings would be
appropriate:
(a) the masculine gender shall be deemed to include the
feminine and the neuter and vice-versa, and
(b) the singular shall be deemed to include the plural, and vice-
versa. The headings herein are inserted only as a matter of
convenience and reference, and in no way define, limit or
describe the scope of this Agreement, or the intent of any
provisions thereof.
This Agreement and exhibits attached hereto set forth all (and
are intended by all parties hereto to be an integration of all) of
the promises, agreements, conditions, understandings,
warranties and representations, oral or written, express or
implied among them other than as set forth herein.
Nothing contained in this Agreement shall be construed as
requiring the commission of any act contrary to law. In the
event there is any conflict between any provision of this
Agreement and any statute, law, ordinance or regulation
contrary to which the Partners have no legal right to contract,
the later shall prevail, but in such event the provisions of this
Agreement thus affected shall be curtailed and limited only to
the extent necessary to conform with said requirement of law.
In the event that any part, article, section, paragraph or clause
of this Agreement shall be held to be indefinite, invalid or
otherwise unenforceable, the entire Agreement shall not fail on
account thereof, and the balance of this Agreement shall
continue in full force and effect.
Each married party to this Agreement agrees to obtain the
consent and approval of his or her spouse, to all the terms and
provisions of this Agreement; provided, however, that such
execution shall be for the sole purpose of acknowledging such
spousal consent and approval, as aforesaid, and nothing
contained in this shall bedeemed to have constituted any such
spouse a Partner in the Partnership.
Each partner agrees to insert in his Will or to execute a Codicil
thereto directing and authorizing his personal representatives
to fulfill and comply with the provisions hereof and to sell and
transfer his percentage of Partnership Interest and Partnership
Rights in accordance herewith.
The Partnership shall have the right to make application for,
take out and maintain in effect such policies of life insurance on
the lives of any or all of the Partners, whenever and in such
amounts as the Partners shall determine in accordance with of
this Agreement. Each Partner shall exert his best efforts and
fully assist and cooperate with the Partnership in obtaining any
such policies of life insurance.
Term/Termination.
The term of this Agreement shall be for a period of 5 years,
unless the partners mutually agree in writing to a shorter
period. Should the partnership be terminated by unanimous
vote, the assets and cash of the partnership shall be used to
pay all creditors, with the remaining amounts to be distributed
to the partners according to their proportionate share.
Disputes.
This Partnership Agreement shall be governed by the laws of
the State of Pakistan. Any disputes arising between the
partners as a result of this Agreement shall be settled by
arbitration in accordance with the rules of the Pakistan
Arbitration Association and judgment upon the award rendered
may be entered in any court having jurisdiction thereof.
Non-Compete Agreement.
A partner who retires or withdraws from the partnership shall
not directly or indirectly engage in a business which is or which
would be competitive with the existing or then anticipated
business of the partnership for a period of Two month, in those
owner of this State where the partnership is currently doing or
planning to do business.
IN WITNESS WHEREOF, the partners have duly executed this
Agreement on the day and year set forth hereinabove.
Partner Partner