Agreement Modifying The Partnership Deed

Agreement-Modifying-Partnership-Deed

Agreement Modifying The Partnership Deed

THIS DEED was executed on ................ on this .................. day ......... ...., 20 ..., among, ………… S/o ……………… R/o ....................... of the ONE PART and …………., S/o ................... R/o ................... OF THE SECOND PART and ......…….., S/o ……. R/o ………. Of the THIRD PART.

WHEREAS the parties to this Agreement conduct their business under the name and style of M/s. ......................................... in .............. under the terms and conditions contained in the Partnership Agreement dated ……….

AND WHEREAS clause .................. of the said partnership agreement stipulates that all partners will devote all their time and attention to the partnership business;

AND WHEREAS clause ...................... of the said partnership agreement also provides that no partner can, without the consent of other partners, directly or indirectly participate in any business except for partnership business;

AND WHEREAS …………, one of the partners was offered an assignment from ................................ which will be completed in ……. years, and during this period the designated partner has to stay at …………  for completing his assignment;

AND WHEREAS the partner has requested the consent of other partners to accept the task proposed to him, and other partners have agreed to accord their consent for the acceptance of the assignment and it was agreed that during the period he remains outside for the assignment, the partnership agreement must be changed in the manner and within the limits specified as below:

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. This Agreement is a supplemental to the Partnership Agreement dated ………  executed among the said partners.

2. During the period in which said partner is outside he shall only be entitled to … % share in the profit instead of …% and his balance share in the profit shall be distributed between the other two partners in equal proportions.

3. The said partner is not obliged to report to the partnership for any remuneration or other advances received by him from for the assignment.

4. The said partner shall not be entitled to receive any remuneration from the partnership account during his absence for which he is otherwise entitled as per the clause …  of Partnership Agreement dated ……

5. All other terms and conditions of the Partnership Agreement shall remain in full force and effect, except those are modified here by this supplemental agreement.

IN WITNESS WHEREOF, the parties have attached and signed their hands on the date and year indicated above

Partner 1

Partner 2

Partner 3

Witnesses :

1.

2.

The above draft of Agreement Modifying The Partnership Deed is only for reference purposes kindly make necessary changes as per your requirement.

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