Deed of retirement from partnership
Deed of retirement from partnership

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Deed of retirement from partnership
  • Recitals:
  • 1 Definitions and interpretation
  • 2 Retirement
  • 3 Payments/capital and current accounts
  • 4 Indemnities and Liabilities
  • 5 Post-retirement restrictions
  • 6 Entire agreement
  • 7 Notices
  • 8 Third parties
  • More...

This Deed of retirement is made on [insert day and month] 20[insert year]

Parties

  1. 1

    [Insert name of retiring partner] of [insert address] (Retiring Partner), and

  1. 2

    The persons whose names and addresses are set out in Schedule 1 (Continuing Partners).

Recitals:

    1. (A)

      The Partners have been carrying on business in partnership under the terms of the Partnership Agreement.

    1. (B)

      The Retiring Partner is to retire from the Partnership on the Retirement Date.

    1. (C)

      The provisions of this deed shall apply to the retirement of the Retiring Partner in place of any provisions of the Partnership Act 1890 and the Partnership Agreement that would otherwise apply to the retirement of the Retiring Partner.

The parties agree:

    1. 1

      Definitions and interpretation

      1. 1.1

        In this deed:

        Accountants

        1. means [insert name of Partnership's accountants] or such other firm of accountants as may be appointed to replace them in accordance with the provisions of the Partnership Agreement;

        Accounting Date

        1. means [insert Partnership accounting date];

        Accounting Period

        1. means a period commencing on the day following an Accounting Date and ending on the next Accounting Date;

        Business Day

        1. means a day, other than a Saturday, Sunday or public holiday, on which clearing banks are open for non-automated commercial business in the City of London;

        directly or indirectly

        1. means for the purposes of clause 5, acting alone or through or jointly with or on behalf of any other person, firm, limited liability

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