Deed of Retirement
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 ...
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-
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.
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.
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
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.
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.
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.
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.
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
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
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.
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
Signed and delivered
by the withinnamed Retiring Partner Mr. A. in the
presence of .…………
Signed and delivered
by the withinnamed Continuing Partners B & C, in the presence of ……………...