PARTNERSHIP BETWEEN PHYSICIANS

This deed of partnership is made on this………. .............day of.............in the year 20… between;

Dr.............S/o .............residing at .............hereinafter described as the first partner, and

Dr.............S/o .............residing at .............hereinafter described as the second partner, which expression, unless repugnant to the subject or the context, shall mean and include the assigns and nominees of the respective parties.

WHEREAS the first party is senior physician and has acquired good reputation as such.

And whereas the first party is not in a position to attend to and examine large number of patients) coming to him due to his old age and therefore was desirous of availing services of some good physician and surgeon.

AND WHEREAS the second party has been in the profession of physician and surgeon for the last ..................................and has earned good name in that field.

AND WHEREAS both the parties agreed to work as partners and after due deliberations and discussions arrived at an agreement in regard to the terms and conditions of the partnership and also decided to execute a deed of partnership defining the rights, relations and obligations of the parties inter se and also the rights and liabilities of the parties in regard to the partnership business.

NOW THIS DEED of partnership witnesseth as under:

That the first party and second party have joined each other today to form a partnership firm Co carry on profession of physicians and surgeons.

That the business of the partnership firm has commenced from today.

That the principal place of the business shall be at .............which maybe changed with the

consent of the each other from time to time.

That the business of the partnership firm shall be run in the name and style of .............which maybe changed with the mutual consent of each other.

That the first partner has agreed to contribute all the medical equipments, instruments, and furniture and fittings required for carrying on the partnership business.

That the second partner shall not be required to contribute any thing towards capital of the partnership firm.

That all the staff, including dispenser, pharmacists, assistants and servants earlier in employment of the first party shall henceforth become employee of the partnership firm.

That the partnership firm shall not attend to an indoor patient. Only outdoor patients shall be attended to by the parties hereto.

That account of the partnership business shall be maintained in regular course of business in form of cash book, ledger, cash/ credit memo and vouchers, stock register.

That accounting year of the partnership firm shall be from the first day of April to first day of March consisting of twelve months. Accounts shall be closed on the ........................................................................... every year when trading account and profit and loss account shall be prepared and balance sheet shall be drawn.

That the profit or the loss as the case maybe shall be divided between the parties hereto in the following proportion :

(1) The first party.............%

(2) The second party.............%

That each partner shall be entitled to draw salary from the firm at the rate of Rs............. per month.

That account of the partnership firm shall be opened in .............bank which shall be operated by joint signature of the parties hereto.

That all expenses, outgoing, debts, or damages which maybe incurred in course of carrying on the business of the partnership firm shall be paid out of the funds of the partnership firm and in case of deficiency shall be borne in the same proportion by the parties hereto in which they are entitled to share the profits of the firm.

That the partnership firm shall dissolve on death of any of the parties hereto.

That in case of any dispute with regard to construction meaning and effect of this deed and rights and duties of the partners or any other matter, the same shall be referred to the arbitration of.............S/o .............residing at .............who shall enter into the reference and give his award which shall be final and binding on the parties hereto subject to the provisions of the Arbitration and Conciliation Act, 1996.

IN WITNESS WHEREOF and in presence of the witnesses under-mentioned the parties have signed this deed on the date aforementioned at .............

Signed, sealed and delivered by.............the first party, in presence of :

Signature

1. ………..

2. ………..

Signed, sealed and delivered by.............the second party, in presence of:

Signature