This deed of dissolution is made at ………(PLACE)on this………. day of………{MONTH),IN……….. (YEAR) between:-
1. Shri …………, S/o. Shri …………, Resident of……….(hereinafter called the party of the first part.)
2. Shri ……….., S/o. Shri ……….., Resident of ………….( hereinafter called the party of the Second part.)
Whereas both the parties to this deed are carrying on the business in partnership vide partnership deed dated ………….. under the name and style of M/s. …………………….. manufacturing ……………..
And whereas party of the Second part has desired to retire from the said partnership business of his own and also intimated his intention to retire vide his notice to the party of the first part and whereas both the parties to this deed have agreed to reduce into writing the terms and conditions of this dissolution deed to avoid any possible dispute or disputes either at present or in future.
NOW THIS DEED WITNESSETH AS UNDER:
1. That the Second party shall be deemed to have retire from the said partnership firm/business w.e.f……….and party o the first part shall become the sole proprietor of the said business.
2. That the first party shall be entitled to carry on the business in the old name and style either as proprietor or admit any other partner or partners.
3. That the Second party has settle his account with the firm and acknowledge the receipt of Cheque No.____________ drawn on ____________ for Rs.___________ towards full and final settlement.
4. That all the assets and liabilities existing as on……………..(dissolution date) shall be taken over by the party of the first part and party of the second part shall have no rights, interests or claims whatsoever in the assets or liabilities of the firm.
5. That in case of any dispute or disputes arising between the partners with regard to interpretation of this deed or any other matter the same shall be referred to arbitration and his decision shall be final and binding on both the parties to this deed.
6. The second party hereby irrevocably appoints the first Party as his attorney to demand, collect and receive from all persons, all and singular, the debts, effects and moneys of the said partnership, to bring and institute suits and proceedings against debtors of the firm, to compromise with them in any manner that he thinks fit and to give effectual receipts and discharges for the same.
7. The Second party shall not carry on any competing business in any capacity of the said partnership for a period of two years.
8. Without prejudice to any rights and remedies herein contained, each of the parties hereto hereby release and discharges the other from all actions, proceeding, claims and demands on account of the said partnership.
In witness whereof the parties to this deed have affixed their hands on this day and month/year mentioned above in the presence of following witnesses.
DATE
PLACE
WITNESSES
SIGNATURE
1.
1. First Party
2
2. Second Party
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