Format of Agreement for Partnership Between Two Partnership Firms

Format of Agreement for Partnership Between Two Partnership Firms
Format of Agreement for Partnership Between Two Partnership Firms

THIS DEED OF PARTNERSHIP Is made at … on this… day of… Between M/ s A B & Co. a partnership firm consisting of (1)… (2)… (3)… partners and carrying on business at … hereinafter referred to as the Party of the First Part and M/s. X Y & Co. a partnership firm consisting of (1)… (2) … (3)…. (4)…. as partners and carrying on business at … hereinafter referred to as the Party of the Second Part, as follows

WHEREAS the Party of the First Part Is carrying on business at … and the business consists of ……………………

AND WHEREAS the Party of the Second Part is carrying on business at… and the business consists of ……………….

AND WHEREAS the parties hereto have proposed to commence and carry on a third business In partnership on the following terms and conditions and have proposed to execute this Deed.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1. The parties hereto agree to carry on the business hereinafter mentioned in partnership on the terms and conditions herein mentioned, in the name and style of M/s ……………….

2. The Partnership shall commence from the …. day of …. 19 … and the period of the partnership shall be for three years from the date hereof.

3. The business of the partnership (hereinafter referred to as the ‘Firm’) shall consist of … only and no other business shall be undertaken by the Firm except by mutual consent of all the partners.

4. The Office of the partnership shall be at … The parties may open branches at such other places as they may be agreed upon.

5. Each of the parties of the First and Second Parts have contributed towards the initial capital of the firm a sum of Rs… In equal … shares. The partners will contribute such further amounts towards the capital of the firm in equal …. shares as may be required from time to time. If any party of the First or Second Part or any partner of any of the said partnership individually shall contribute more amount than its share in the capital, it will be treated as a loan by that party to the Firm. The amounts of capital contributed or loans advanced by any partner or partners will carry Interest at the rate of 1 8% per annum or at such maximum rate as may be allowable as deduction from gross Income under the Income Tax Act for the purpose of calculating taxable income.

6. The net profits and losses of the firm will be shared by the parties of the First and Second Parts in equal shares or proportion. Net Profit will mean the gross profits earned in such year less the expenses of the management of the business including the rent of the premises of the firm Including outgoings In respect of the salaries and wages of the staff, commission paid to others, and all other expenses incurred In connection with the business. The share in the net profits and/or losses of each partner of the First Part and of the Second Part will be shared or distributed among the partners of each of the partners of the First and Second Part according to the partnership agreements between the partners of each of the parties hereto of the First and Second Part recorded in the deeds of partnership of their respective partnerships above mentioned.

7. The accounting year of the Firm will be from 1st April to 31st March of each Christian calendar year.

8. At the end of each accounting year an account of the business carried on by the Firm In that year will be made and a statement of accounts namely a Balance Sheet and Profit and Loss Account will be prepared and signed by the authorised representatives of each party hereto. If necessary or required by law the accounts will be got audited by a Chartered Accountant.

9. The Books of account and all other record of the firm will be always kept at the office of the Firm and will be open for inspection by any of the authorised representatives of the parties hereto at any time.

10. Each of the Party of the First and Second Part will be represented by any partner of that party duly authorised by the other partners of that party from time to time, and the authorised representatives alone will be entitled to attend to the business of the firm and the other partners of that party will not Interfere in the business of the Firm. The true copies of the resolutions of the partners of each of the Parties of the First and Second Part appointing their respective representatives, duly signed by all the partners of that party will be kept in the records of the Firm. The representative so appointed will act as the working partner for the accounting year for which he will be appointed as representative of his Firm. The working partners will be entitled to remuneration at the maximum rate allowable as deduction from gross income under the Income Tax Act for taxable income.’ Such remuneration may be drawn every month or periodically as may be agreed upon. the aggregate drawn in a year not exceeding the maximum limit mentioned above.

11. In the event of any difference of opinion between the two authorised representatives, on any question relating to the business of the Firm the matter will be placed before a joint meeting of all the partners of each of the parties hereto of the First and Second Part and discussed. But the matter will not be decided on the basis of majority of the partners of both the partnerships but only on the mutual consent of all the partners.

12. Each of the Parties of the First and Second Part hereto will be entitled to change the constitution of its partnership by taking additional partner or partners in place of those retiring from the partnership or by reason of death or insolvency of any partner. but such change will be notified to the other Party hereto from time to time.

13. The expressions Party of the First Part will therefore mean and include the partners or partner for the time being of that partnership and the expression “Party of the Second Part” will also mean and include the partner or partners for the time being of that partnership. But no change In the constitution of the party of the First Part or the party of the Second Part will affect the terms and conditions of this Deed. All partners each of the party hereto for the time being shall be deemed to be partners of this Firm and the half share in the profits and losses of the Firm will shared by the parties of each of the Parties hereto In proportion to their shares in their respective firms being the Parties of the First and the Second Part hereto.

14. Each of the Party of the First Part and Second Part will be entitled to carry on its own business but none of them will carry on said business undertaken by this partnership, directly or indirectly during the continuance of this partnership.

15. All the working staff such as clerks. peons. accountants, cashier, salesmen and others will be appointed by the joint consent of the authorised representatives of the parties hereto and their wages and salaries and other emoluments will be fixed by mutual consent of the authorised representatives.

16. Each of the Party hereto through its authorised representative shall-

(a) participate and attend to the business of the firm to the greatest common advantage of the firm.

(b) be just and faithful to each other.

(c) render true accounts and full information of all moneys affecting the Firm to the other.

(d) indemnify the Firm for any loss caused to it by wilful negligence or fraud In the conduct of the business.

(e) Not carry on any business similar to the business of the Firm anywhere without the consent of the other party.

(f) attend to the business of the Firm diligently and actively.

(g) Not withdraw any amount for his own or his partnerships benefit or use as remuneration or otherwise without the consent of the other Party hereto.

(h) be entitled to be indemnified by the Firm in respect of payment made and liabilities incurred by him – (i) in the usual and proper course of business of the Firm and (ii) in doing any act for protecting the Firm from loss in emergency.

17. All the tangible and Intangible assets of the Firm including the goodwill, stock-in-trade, benefit of business licenses and permits. benefits of contracts entered etc. will belong to the parties of the First & Second Parts in equal shares and the property of the Firm shall be used by the parties exclusively for the business of the firm.

18. Every Party shall account for the profit earned from any transaction of the Firm or for the use of the property in business transaction of the Firm.

19. Any Party of the First or Second Part or any partner thereof shall not. without the consent of the other –

(a) submit any dispute with any other person to arbitration or com- promise or relinquish the claim.

(b) withdraw any suit or legal proceedings filed by the Firm.

(c) admit any liability of the Firm.

(d) acquire or dispose of any immovable or moveable property, except the stock in trade in the ordinary course of business.

(e) enter Into partnership or other business unilaterally with any other person.

(f) assign or transfer his share or any interest in the Firm.

(g) admit any person as a partner in the Firm.

(h) borrow any moneys for or in the name of the Firm, or create any security or charge on the assets of the Firm.

(i) enter into any contracts except contracts in the regular course of business of the Firm.

(j) stand as a guarantor or surety for any person in the name of the Firm or for and on behalf of the Firm.

20. The parties shall open in the name of the Firm one or more accounts either current. saving or overdraft or cash credit with one or more banks as may be agreed upon by the partners and the account or accounts will be operated by the authorised representatives of the parties hereto jointly.

21. The Partnership shall stand dissolved on the expiration of the said period of 3 years unless by mutual consent the period is extended by any additional period in which event the partnership will continue on the same terms and conditions as are herein contained subject to such modification as may be mutually agreed.

22. Notwithstanding anything herein contained to the contrary if any of the Party of the First Part or the Party of the Second Part is or a majority of the partners of any of the parties hereto are adjudged insolvent or dissolved for any reason, this partnership will also stand dissolved.

23. On dissolution of the partnership hereby created accounts will be made of all assets, debts, and liabilities and subject to payment of the debts and liabilities, the net assets will be distributed between the parties, of the First Part and of the Second Part in equal shares.

24. This partnership will be registered under the Income Tax Act, 1961, and the Partnership Act, 1932 and the application for registration or a true certified copy of this deed will be signed by all the partners of both the parties hereto.

25. If any dispute or difference shall arise between the parties hereto touching the business of the firm or Interpretation of any provision hereof or otherwise, howsoever, relating to the Firm and its business, the same shall be referred to arbitration of a common arbitrator if agreed upon, failing which to two arbitrators one to he appointed by each party of the First Part and party of the Second Part, to the arbitration and the arbitration shall be governed by the Arbitration & Conciliation Act, 1996.

26. This Deed is executed In duplicate and one copy will remain with the Party of the First Part and the other will remain with the Party of the Other Part.

IN WITNESS WHEREOF the parties have put their respective hands the day and year first hereinabove written.

Signed and delivered for and on behalf of the Party of the First Part by its partners (1) … (2) … (3) … In the presence of …

Signed and delivered for and on behalf of the withinnamed Party of the Second part by its partners (1) … (2)… (3) … (4)… in the presence of.

Family Arrangement Agreement Format

Family Arrangement Agreement Format
Family Arrangement Agreement Format

THIS DOCUMENT OF ARRANGEMENT of properties belonging to the family and its members by mutual and free consent of various members of the family made on (date) day of (month and Year) BETWEEN Shri, A, aged about 58 years, karta of the Hindu undivided family, Mrs. B, aged about 48 years, wife of the above Karta and a member of the said Hindu undivided family, Kumari ‘C’ aged about 32 years and Kumari ‘D’ aged about 34 years, both daughters of the Karta and members of the said Hindu undivided family and Shri ‘E’ aged about 32 years, son of the Karta and a member of the said Hindu undivided family.

WHEREAS the above five persons constitute a joint family governed by Hindu Law owning various movable and immovable properties more particularly described in S.No. 1 to………………. Of Schedule A, 1 to……………….of Schedule ‘B’ and 1 to ……………….. of Schedule ‘C’ and 1 to ………………. Schedule ‘D’ attached hereto.

AND WHEREAS in view of the internal family quarrels amongst the family members, the members are not able to continue their joint enjoyment of the properties belonging to the family and therefore all the members have voluntarily and of their free will agreed to put an end to such a situation and have also agreed to certain stipulations hereinafter appearing:

NOW THIS DOCUMENT WITNESSES as follows:

1. The properties listed as in S.No. 1 to ______________ of Schedule A hereto shall go to the share of Miss. ‘C’

2. The properties listed as in S. No. 1 to ___________ of Schedule ‘B’ hereto shall go to the share of Miss. ‘D’.

3. The properties listed as in S. No. 1 to______________ of Schedule “C’ hereto shall go to the share of Mr. ‘E’

4. That the properties listed in S.No. 1 to ______________ of Schedule ‘D’ shall continue to jointly vest in the ownership of the family whose income shall be enjoyed jointly by all the members of the family.

5. That each of the above parties shall be entitled to the arrears of any rent or other incomes and shall be liable for any cesses and taxes upon properties which have gone to his/her share from the date of this arrangement and otherwise shall be entitled to deal with the properties as an absolute owner thereof.

6. That each of the party shall enjoy, sell, transfer, convey or otherwise use or put to use the said properties going to his or her share.

7. That each of the parties hereby agree that he has no right, title, interest or any other claims whatsoever on the properties allotted to any of the other members.

IN WITNESS WHEREOF etc.

Guarantee Of Performance Of Hire Purchase Agreement Format By The Hirer

Guarantee Of Performance Of Hire Purchase Agreement Format By The Hirer
Guarantee Of Performance Of Hire Purchase Agreement Format By The Hirer

To

…………………………………….

…………………………………….

…………………………………….

In consideration of your agreeing to deliver at my request to Shri ……………………….. (hereinafter called the hirer) under the terms of hire purchase agreement proposed to be made between you, the goods mentioned in the Schedule hereto annexed, I the undersigned …….……………. do hereby guarantee the due payment by the hirer of each and every sum that become due under the said hire-purchase agreement and the due performance by the hirer of each and every term and condition of the said agreement and I agree and declare that any extension of time or granting or indulgence to the hirer or making of any composition with the hirer or the variation of the terms of the said agreement or the waiver by you of any broach by the hirer of any terms of the said agreement will not discharge, release or affect my liability under this guarantee in any way.

The Schedule referred to above

(Particulars of the goods to be delivered to the hirer)

IN WITNESS WHEREOF, the surety has hereunto set and subscribed his hands on this …………….. day of ……………… 2000.

Signature of the surety

WITNESSES;

1 ………………………

2. ……………………..

Format of Agreement for Compromise

Format of Agreement for Compromise
Format of Agreement for Compromise

THIS AGREEMENT of compromise made at __________ on this ____ day of ___________, 2000 between A son of _____________ resident of ___________________ (hereinafter called Party No. 1) of the ONE PART and B son of ____________ resident of

___________________ (hereinafter called Party No. 2) of the OTHER PART.

WHEREAS disputes and differences have arisen between the parties aforementioned regarding _____________________.

AND WHEREAS the parties have agreed to settle their disputes and differences amicably between themselves without recourse to litigation and for that purpose are willing to abandon their claims in the manner hereinafter appearing.

NOW THIS DEED WITNESSETH THAT IT IS HEREBY AGREED AS FOLLOWS:

1.

2.

IN WITNESS WHEREOF, the parties have hereunto set and subscribed their respective hands, the day, month and year first above written.

Signed and delivered by the within named A

WITNESSES

1.

2.

Signed and delivered by the within named B

Format of Agreement for building where owner supplies plot of land only

Format of Agreement for building where owner supplies plot of land only
Format of Agreement for building where owner supplies plot of land only

(I) Underwriting agreements-The object of underwriting is to insure against the risk that shares, debentures or debenture stock offered by a company for subscription may not be taken up. For floatation of share/debenture capital, a company is generally required to have the public issue fully underwritten to insure that all the shares and debentures are taken up by the investor and thus the required capital is raised. The underwritten provides an assurance against the risk of under subscription .

(a) Payment of commission to underwriter .-

The underwriters are entitled to commission. Section 76 of the Companies Act, 1956, provides as follows :

“76 (1). A company may pay a commission to any person in consideration of-

(a) his subscribing or agreeing to subscribe,

whether absolutely or conditionally for any shares in, or debentures of, the company, or

(b) his procuring or agreeing to procure subscription,

whether absolute or conditional for any shares in or debentures of, the company,

If the following condition are fulfilled, namely :-

i) the payment of the commission is authorised by the articles ;

ii) the commission paid or agreed to be paid does not exceed in case of shares five per cent of the price at which the shares are issued or the amount or rate authorised by the articles, whichever is less, and in the case of debentures, two and a half per cent of the price at which the debentures are issued for the amount or rate authorised by the articles, whichever is less :

iii) the amount or rate percent of the commission paid or agreed to be paid is-

(a) in case of shares or debentures offered to the public for subscription, disclosed in the prospectus; and

(b) in the case of shares or debentures not offered to the public for subscription,

disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form signed in like manner as a statement in lieu of prospectus and filed before the payment of the commission with the Registrar and where a circular or notice, not being a prospectus inviting subscription for the share or debentures, is issued, also disclosed in that circular or notice ;

iv) the number of shares or debentures which persons have agreed for a commission of subscribe absolutely or conditionally is disclosed in the manner aforesaid; and

v) a copy of the contract for the payment of the commission is delivered to the Registrar at the time of delivery of the prospectus or the statement in lieu of prospectus for registration.

2) Save as aforesaid and save as provided in section 78, no company shall allot any of its shares or debentures or apply any of its moneys, either directly or indirectly in payment of any commission, discount or allowance, to any person in consideration of-

a) his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in, or debentures of, the company; or

b) his procuring or agreeing to procure subscription, whether absolute or conditional, for any shares in, or debentures of, the company whether the shares, debentures or money be so allotted or applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money be paid out the nominal purchase money or contract price, or otherwise.

3) Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay.

4) A vender to, promoter of, or other person who receives payment in shares, debentures or money from, a company shall have and shall be deemed always to have had power to apply for any part of the shares, debentures or money so received in payment of any commission the payment of which, if made directly by the company, would have been legal under this section.

(4-A) For the removal of doubts it is hereby declared that no commission shall be paid under clause (a) of sub-section (1) to any person on shares or debenture which are not offered to the public for subscription :

Provided that where a person has subscribed or agreed to subscribes under clause (a) of sub-section (1) for any shares in, or debentures of, the company and before the issue of the prospectus or statement in lieu thereof any other person or persons has or have subscribed for any or all of those shares or debentures and that fact together with the aggregate amount of commission payable under this section in respect of such subscription is disclosed in such prospectus or statement, then the company may pay commission to the first mentioned person in respect of such subscription.

5) If default is made in complying with the provisions of this section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to five hundred rupees.”

LETTER OF ACCEPTANCE

To ……………….

Dear Sir,

With reference to your application dated………….we accept and admit you as an underwriter of………………ordinary shares of our company at commission of…………….per cent, upon the footing and subject to the conditions contained in your application.

Yours, etc.