Deed Of Dissolution Deeds Partnership 1794 - Legal Draft

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DEED OF DISSOLUTION

THIS DEED OF DISSOLUTION made at Pune this __ day of __. 200 5

BETWEEN

Shri PWI, age 58 years, occupation - business, resident of 1100 Shivajinagar, Pune 411016, hereinafter called the PARTY NUMBER ONE, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the One Part

AND

Shri AMD, age 47 years, occupation - business, resident of 1300 Kasba Peth, Pune 411011, hereinafter called the PARTY NUMBER TWO, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the Other Part.

WHEREAS the parties hereto, by a deed of partnership, dated ,
had entered into a partnership under the name and style as "Group House", having its office at 1300 Kasba Peth, Pune 411 011;

AND WHEREAS the objects of firm were to run business as general merchants and to deal with real properties, etc;

AND WHEREAS the said partnership was a particular partnership fixed in its duration for a period of ten years;

AND WHEREAS though the said period of ten years is yet to expire, the parties hereto sincerely feel that the objects of their firm now do not find any viability;

AND WHEREAS the parties hereto have decided to dissolve the said partnership firm by these presents;

NOW, THIS DEED WITNESSES as follows :
1. That the parties hereto do hereby declare and confirm that the said partnership entered into by them, by a deed of partnership, dated ..... , is hereby dissolved with immediate effect, and the same shall not have its existence any time hereafter.
2. That the parties hereto further declare and confirm that all the accounts of the said firm have been mutually settled by them, and all and whatsoever claims and dues that were due and payable to them have been respectively received by them, and neither of the partners is liable to pay anything either to the said firm or each other.
3. That the premises of the office of the said firm were tenanted premises contributed by the party No. 1, and, now, on the dissolution of the said firm, the said premises are hereby vacated by the said firm, and the party No. 1 shall be at liberty use and utilise the said premises in his own capacity, and the party No. 2 shall have no objection to so doing by the party No. 1.
4. That the banking accounts, if any, standing in the name of the said firm shall be inoperative with effect from the date of the execution of this deed, and such accounts shall be completely closed.
5. That as per the terms and conditions of their partnership-deed, dated .... , the parties do hereby declare and confirm that neither of them has incurred any loan or debt, and if there be found that either of them has done so, such a person who has contracted any loan or incurred debt shall be wholly liable to pay and settle the same.
6. That as per the clause No. 21 of the said deed of partnership, on the dissolution of the said firm, the goodwill, i.e. right to use the trade name "Group House" shall be that of the party No. 2, and the party No. 1 shall have no right, title or interest in or over the same.
IN WITNESS WHEREOF the parties hereto have signed hereunder at Pune the date first above mentioned.
Sd/- PWI PARTY NUMBER ONE
Sd/- AMD PARTY NUMBER TWO
Witnesses :
Sd/-xXx
1. Sd/-xXx