BOND EXECUTED BY THE RETIRING PARTNER

This Deed of Dissolution is made on_____ day of _____ month Between ________, son of__________, resident of__________, aged ______ years, Hereinafter to be called as THE FIRST PARTY (Continuing Partner) and__________, son of ________, resident of_________, aged ______ years, Hereinafter to be called as THE SECOND PARTY (Continuing Partner) and__________, son of _________, resident of_________, aged _______ Years, Hereinafter to be called as THE THIRD PARTY (Retiring /Deceased Partner)

WHEREAS the parties made a partnership deed among them dated on _____ and carrying on the business in the name and style of________, which is at__________, on the terms and conditions under the partnership deed executed on_________.

AND WHEREAS the Retiring Partner has given notice to the Continuing Partners of his desire to retire from the said partnership as from the_______ day of ______.

WHEREAS the parties to the agreement mutually agreed to dissolve the partnership on______   day   of______.

NOW THIS DEED WITNESSES that in pursuance of the said agreement it is hereby declared and agreed by and between the parties hereto as follows, that is to say :—

1. The partnership firm has its registered office at _________ with registered no._______, shall be determined and stand as dissolved from______ day of _______
2. A general book of accounts and a balance sheet have been taken out by the parties showing the net value of assets and all the debts and liabilities of the said firm till the date of dissolution and share of retiring/deceased partner has been computed at Rs.________ and  shall be signed by all the partners and legal heir of the deceased partner.
3. As from the said date the Continuing Partners have been and will be entitled to continue to carry on the said business in partnership on such terms as may be agreed upon between them.

4. It is declared that except as hereinafter provided the Retiring Partner shall not have and he hereby releases all his share, right. title and Interest in the business of the said partnership, Its assets Including goodwill, all licenses and permits held by the said Firm, Its outstanding dues and receivables and outstanding contracts, that the same shall belong to the Continuing Partners alone.
5. The retiring partner is entitled to his share in the profits till the date of his retirement in the profit sharing ratio   given in the partnership deed.
6. The retiring partner agrees that after his retirement and all the profits given to him till the date of retirement, he has no claim in further profits of the continuing partners.
7. The retiring partner shall be liable with the continuing partners to the third party for any act done by any of them before the retirement unless public notice is given for the same.

 

IN WITNESS WHEREOF the parties to this deed have set and subscribed their respective hands and seals on the day, month and year first above written.

 

 SIGNED SEALED AND DELIVERED in the presence of

(Signature of all the Parties)