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Will, Sale Deed, Agreement to Sell and Purchase, General Power of Attorney, Special Power of Attorney, Partnership Deed, Deed of Dissolution of Partnership

 

 

DEED OF DISSOLUTION OF PARTNERSHIP

 THIS DEED OF DISSOLUTION OF PARTNERSHIP is made at Delhi on this day of __________ between:

 Shri _________ Son of ________ resident of _________ (Wherever the context may so admit includes their legal heirs, executors and administrator) hereinafter be referred to as the party of the FIRST PART;

 Shri _________ Son of ________ resident of _________ (Wherever the context may so admit includes their legal heirs, executors and administrator) hereinafter be referred to as the party of the SECOND PART  to this deed.

 WHEREAS the parties hereto were doing the business in partnership under the Firm name and Style of _________ under the partnership deed dated _________day of _________.

 NOW IT IS HEREBY AGREED BY BETWEEN THE PARTIES HERETO that they have dissolved the partnership in the firm aforesaid upon the terms and conditions here-in-after expressed NOW THIS DEED WITNESSES:

1.   That the partnership in the firm aforesaid between the parties hereto stand dissolved on and with effect from       day of _________.

2.   That the accounts of the aforesaid partnership firm till and on the date of dissolution have been prepared and finalised and the same have been accepted by both the parties hereto as correct and true.

3.   That the party of the Second Part in his senses and full faculties of mind, absolutely voluntarily and with his free will and without any pressure, coercion, inducement form any body and of his own accord have agreed to accept a sum of Rs. ___________ in full and final settlement of his share/ claim as a partner in the aforesaid partnership firm as on the date of dissolution. 

4.   That the party of the First Part in his senses and full faculties of mind, absolutely voluntarily and with his free will and without any pressure, coercion, inducement form any body and of his own accord have agreed to take all the assets, goodwill, stock-in-trade, rights and liabilities of the firm aforesaid existing on the date of dissolution, in full and final settlement of his share as a partner in the aforesaid partnership firm as on the date of dissolution. 

5.   That a sum of Rs. ________ has been paid to the party of the Second Part through Payees’ Account Cheque No. ________ dated _____ drawn on _________ by the party of the First Part and the said cheque has been accepted by the party of the Second Part. 

6.    That the party of the Second Part is discharged from all the liabilities whatsoever of the firm aforesaid existing on the date of the dissolution of the aforesaid firm by the party of the First Part.

7.    That the party of the Second Part shall have no interest/ right/ claim whatsoever over any of the assets and stock-in-trade of the firm aforesaid existing on the date of dissolution on and after the date of dissolution. The party of the Second Part shall have no interest/ right/ claim whatsoever to realise, collect, recover any debt of the firm aforesaid existing on the date of dissolution on and after the date of dissolution. The party of the Second Part shall have no interest/ right/ claim whatsoever over any of the licences, permits, quotas, incentive etc., of the firm aforesaid existing on the date of dissolution on and after the date of dissolution.

8.    That the party of the First Part shall have interest/ right/ claim of every nature over all the assets and stock-in-trade of the firm aforesaid existing on the date of dissolution on and after the date of dissolution. The party of the First Part shall have interest/ right/ claim of every nature to realise, collect, recover all the debt of the firm aforesaid existing on the date of dissolution on and after the date of dissolution. The party of the First Part shall have interest/ right/ claim of every nature over all the licences, permits, quotas, incentive etc., of the firm aforesaid existing on the date of dissolution on and after the date of dissolution.

9.    That the party of the First Part shall have all the right and freedom to continue the aforesaid firm in whatever manner he likes and to deal with the assets, goodwill, stock-in-trade, licences, permits, quotas, incentive etc., of the firm aforesaid after the date of dissolution of the aforesaid firm and the party of the Second Part shall have no right whatsoever to interfere in the same.

We the above partners do hereby agree to all the terms and conditions stated above without any duress, conversion or undue influence and with our own sweet will and after fully understanding the terms of this deed of dissolution of partnership and bind ourselves, our legal heirs, legal representatives, executors and administrator in witness whereof, we do hereby put our hand on this _____ day of _______ in the presence of the following witnesses:  

PARTY OF THE FIRST PART

PARTY OF THE SECOND PART

Witnesses:                                                                   

1.______________________                        

  ______________________

2.______________________

_______________________

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Last Updated: 18 July 2010