| Commentary

82 Drafting an option to purchase

| Commentary

81 Drafting a retirement clause

Where the partnership agreement includes any right for a partner to retire, it should also set out the procedure which must be followed to exercise that right, for example:

  1. 81.1

        whether the right is exercisable from the commencement of the partnership or whether there is some initial period during which none of the partners is allowed to retire1;

  2. 81.2

        how much notice the retiring partner needs to give to his fellow partners; and

  3. 81.3

        at what date the retiring partner ceases to be a partner.

The agreement should make it clear that the retirement of a

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