Deed Of Retirement Legal Draft Template

This Deed/Agreement

is made at... this ... day of ... between Mr. A residing at ... hereinafter

referred to as 'the Retiring Partner' of the One Part and Mr. 'B' residing at

... and Mr. 'C' residing at ... both collectively hereinafter referred to as

the 'Continuing Partners' of the Other Part.Whereas the parties

hereto have been carrying on business -in partnership under the Deed of

Partnership dated - entered into by the Parties hereto in the name of M/s. ...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 ...And Whereas

accordingly, accounts have been made up of the assets subject to the debts and

liabilities and of the profits earned till the said date and a sum of Rs. ...

is found to be due and payable to the Retiring Partner In lieu of his share.And Whereas it is now

proposed to execute this Deed of Retirement recording the terms and conditions

of such retirement.Now therefore it is

agreed between the parties hereto as follows-1.

The

Retiring Partner doth hereby retire and shall be deemed to have retired from

the said Partnership between the parties hereto and carried on as the name of

M/s ... as from the ... day of .., 2000.2.

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.3.

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 outstandings dues and receivables and

outstanding contracts, that the same shall belong to the Continuing Partners

alone.4.

The

Continuing Partners agree to pay all the debts and liabilities of the said Firm

and to Indemnify and keep Indemnified the Retiring Partner against all such

debts and liabilities and all loss, costs, charges and expenses that the

Retiring Partner may Incur or suffer on account thereof.5.

The

Retiring Partner confirms that as a result of accounts being taken a sum of Rs.

... Is due and payable to him in lieu of his share. right, title and Interest

In the said partnership business including its assets and good will and he has

no other claim against the Continuing Partners In respect of the said Firm.6.

The

Continuing Partners covenant to pay the said sum of Rs... to the Retiring

Partner by monthly instalment of Rs... the first of such instalment to be paid

on the ... day of... and each subsequent Instalment on the ... day of each

succeeding month until the whole amount is paid in full. if there Is any

default In payment of any two instalments then the whole of the said amount or

any part thereof then remaining due shall become payable forthwith and the

Retiring Partner will also be entitled to charge Interest at ... percent per

annum on delayed instalments and until payment of the said amount in full, it

will remain a charge on the assets of the said partnership.7.

The

Retiring Partner agrees and undertakes that he will not use the name of the

Firm and will not carry on the same or similar business as at present carried

on by the Firm for a period of two years from now and within a radius of four

kilometres from the place where the business of the Firm Is carried on.8.

For

the sake of convenience. the Retiring Partner appoints the Continuing Partners

jointly and severally as his attorneys with authority or power to take legal

action and to do all other acts and things necessary to recover the debts and

liabilities due to the Firm In respect of the transactions or business done

upto now.9.

The

Retiring Partner agrees and undertakes to execute any document or papers as may

be required to give complete effect to his retirement from the said

partnership.10.

The

retirement of the Retiring Partner shall he advertised in the Official Gazette

and in the local newspapers as required by law and the registration entry of

the Firm In the records of the Registrar of Firms will be got amended

accordingly. The Retiring Partner agrees to sign application or papers required

for the purpose.11.

The

income tax payable by the Firm will be paid by the Continuing Partners and the

Retiring Partner will pay the income tax on his income and other moneys

received from the Firm.IN WITNESS WHEREOF

the Partners have put their respective hands the day and year first hereinabove

written.Signed and delivered

by the withinnamed Retiring Partner Mr. A. in thepresence of .Signed and delivered

by the withinnamed Continuing Partners B & C, in the presence of ...