THIS DEED OF DISSOLUTION is made and
entered into at Mumbai this ___ day of _________, 200_ BETWEEN : 1) ______________________________, hereinafter referred to as the Party of the First Part and 2) __________
___________________, hereinafter referred to as the Party of the Second Part, 3)
__________________________________________, hereinafter referred
to as the Party of the
Third Part, 4) __________________________________, also an Indian
Inhabitant, hereinafter referred to as the
Party of the Fourth Part.
WHEREAS :
a)
The parties
hereto were carrying on business
in partnership under the
firm name and
style of M/s.__________________, as per
Deed of Partnership dated __
_________ ____, with effect from
_ ______ ____ at _______________, ____
_____, _____________, Mumbai - 400 0__;
b)
The parties hereto have agreed to dissolve the said
partnership business by mutual consent w.e.f. the close of __ day of _____ 200_;
c)
The parties hereto are desirous of reducing into writing
the term and conditions of the dissolution of the
said partnership firm.
NOW THIS DEED OF DISSOLUTION WITNESSETH AS FOLLOWS :
1. That the
partnership subsisting amongst the parties hereto under the Deed of Partnership
dated __ _________ 200__,
being carried under the name and style of M/S.________________________
shall be deemed to have been dissolved by mutual consent with effect from the close of __
_____, 200_.
2.
That each of
the said parties has assured the
other and warrants
that except as recorded in the books
of accounts and papers
of the partnership,
each of them
has not received, collected or discharged or
compromised any claim, demand
or other credit
due or to
become due to the partnership
or ncurred any obligation
that may
now or hereafter
directly or indirectly
charge or effect
the partnership or any of its property.
3.
That each of
the parties hereto has agreed to assure
that they shall execute any other deed or deeds or releases
to further assure the carrying into effect the terms agreed to herein but at the expenses of
requisitioning party.
4.
That each of the parties hereto hereby mutually
releases the other from the terms and conditions, proceedings, claims or otherwise arising out of or in respect of
the said firm and from all
affairs, business transactions, outstanding, credits and demands in respect
thereof. The parties
hereto have agreed to settle their accounts as per Balance Sheet as on
_______ 200_, which is enclosed herewith and marked as exhibit 'A'.
5.
Notwithstanding anything stated hereby or provided in
these presents, it is hereby agreed by and between the
parties hereto that both the parties hereto in due course shall pay their
respective liabilities if
any for Income
tax, Surcharge or any
other tax in respect of the profits
or income made by the said partnership firm in
proportions to their respective shares prior to the date of
dissolution as aforesaid and
shall and will justly indemnify
and keep indemnified each other, their respective heirs, executors and administrators and their
estates and effects from and
against all claims, demands, actions,
proceedings that may be made, adopted or
taken and against all costs, charges and expenses that may be incurred in
respect thereof.
IN WITNESS WHEREOF the parties hereto have set
and subscribed their respective hands on the day and year first hereinabove
written.
SIGNED
AND DELIVERED )
)
by the
withinnamed )
)
__________________________________ ) _______________________
)
in
the presence of ...................................... )
SIGNED
AND DELIVERED )
)
by
the withinnamed )
)
__________________________________
) ______________________
)
in
the presence of ..................................... )
SIGNED
AND DELIVERED )
)
by
the withinnamed )
)
_________________________________ )
______________________
)
in
the presence of
....................................
)
SIGNED
AND DELIVERED )
)
by
the withinnamed )
)
__________________________________ )
_______________________
)
in
the presence of .....................................
)