Deed of Dissolution of Partnership

THIS DISSOLUTION OF PARTNERSHIP is made on this 31st day of March 2019

BETWEEN AB of, etc., of the first part, CD of, etc. (hereinafter called “the
Surety”), of the second part, and EF of, etc., of the third part. WHEREAS it
has been agreed between the parties hereto of the first and third parts that the
partnership subsisting between them in the business of, etc., carried on by
them at, etc., in the firm name of, etc., under the provisions of a partnership
deed dated, etc., and made, etc., shall be dissolved by mutual consent as
from the date hereof: AND WHEREAS prior to the execution thereof the said
EF has delivered to the said AB the whole of the partnership stock, effects
and credits: NOW THIS DEED WITNESSES as follows:

1. It is hereby recorded that the said partnership stood dissolved by mutual

consent as from the day of ……… and the said business shall henceforth
belong to exclusively and be carried on by the said AB as its sole proprietor.

2. In consideration of the sum of Rs. ……… now paid (or agreed to be

paid, hereafter) by the said AB and the surety to the said EF, the said EF, as
beneficial owner, hereby assigns to the said AB, ALL his share and other
right, title and interest in the said dissolved partnership, the goodwill,
fixtures, fittings, book and other debts, benefits of contracts, and all effects
thereof TO HAVE AND TO HOLD the same unto and to the use of the said AB
absolutely and forever.

3. The said AB and the surety hereby jointly and severally agree with the
said EF that they, or one of them, will pay or cause to be paid to the said EF
the said sum of Rs. ……… by instalments and the date following, namely
(state amounts and dates), and shall further pay on all instalments in arrear
interest at the rate of ……… per cent per annum from the date appointed for
payment until actual payment thereof.
 4. The said AB shall alone have full right, liberty and authority to collect
all the assets of the said late partnership with power to appropriate the same
for his use and benefit and to ask, demand, sue for, recover and receive, and
to sign and give full and effectual receipts and discharges for all the debts,
estate and effects of, or due or owing or in anywise belonging to the said
partnership, and to settle all accounts, reckonings, matters and things
whatsoever relative to the said business with all and every or any person or
persons whosoever, and to compound for or release all or any of the debts or
claims belonging thereto, and to institute any actions or other proceedings
for compelling payment or delivery thereof.

5. The said AB shall alone remain solely and exclusively liable for the
debts and liabilities of the said late partnership and also all future rent of the
partnership business premises to be paid and discharged by him who shall
further indemnify and keep indemnified the said EF therefrom and from all
actions, proceedings, costs, claims and demands in respect thereof.

6. Each of the parties hereto shall respectively sign, execute and do all
such further documents, deeds, acts and things as the other party may
reasonably require for completely effectuating this agreement, and each
party shall pay his own costs in connection therewith.

7. All moneys payable by installments at a future date under this

agreement shall become payable immediately in the event of any act of
insolvency being hereafter committed or suffered by the said AB.

8. The said EF shall not, for the period of ……… years from the date
hereof, carry on or be engaged or concerned in, either by himself or as
partner with any person or persons, or as employee or director of any
company, any business of, etc., within five miles of such business premises,
but this clause shall cease to be of effect if three (or, etc.) of the before-
mentioned instalments shall at any time be in arrear and unpaid.
 9. For every breach of cl. 8 hereof, the said EF shall pay to the said AB
the sum of Rs. ……… as ascertained and liquidated damages.

IN WITNESS WHEREOF the parties hereto have executed these presents on

the day, month and year first above-written.

Signed, sealed and delivered by

AB, CD and EF respectively in
the presence of: