Partnership Agreement 2024

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PARTNERSHIP AGREEMENT

This Agreement is made on the ................. Day of .........................., 2024

BETWEEN

Miss Obomanu Boma Gift of Npkokiti, Enugu, Enugu State of Nigeria (hereinafter
referred to as Partner A of the first part.)

AND

Mr. Chukwuma Victor Erike of New Haven, Enugu, Enugu State of Nigeria
(hereinafter referred to as Partner B of the second part.)

Both collectively referred to as "The Partners".

WHEREAS:

1. Partner B is a businessman and is desirous of partnering with a vendor to sell


10 pieces of eyewear accessories (blue light ray glasses), hereinafter referred to
as "the goods".

2. Partner A has agreed to market and sell the goods for the partners at an agreed
price.

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

1. The partners hereto agree to carry on the business stated above on the terms
and conditions herein mentioned.

2. Commencement:

The partnership shall be deemed to have commenced from the ........... Day
of ...................... 2024 and the duration of of the partnership shall be for two
weeks from the commencement date. Either partner may terminate the
agreement through a written notice in case of a material breach of terms.
3. The Partners' Duties:

The business of the partnership consists of providing, marketing and selling 10


pieces of eyewear accessories (blue light ray glasses).

4. Partner B agrees to provide capital (N50,000 for 10 pieces at N5,000 each) for
the purchase of the goods.

5. Partner A agrees to complete the total sale of the 10 pieces of goods at N9,000
each within the duration of the partnership agreement.

6. Share of Profit:

Both partners agree to share the profits calculated at N40,000 from the total sale
of goods in equal share or proportion (50/50) if Partner A completes the total sale
of the goods within the duration of the contract. In the unlikely event that Partner
A does not complete the sale of the goods within the duration of the partnership,
the agreement shall be extended by 1 week to enable Partner A complete the
sale. In this situation, the partners have agreed that Partner B collects 62.5%
(valued at N25,000) of the profit while Partner A takes 37.5% (valued at N15,000).

7. Bank Account:

The Partners have agreed to use Partner B's bank account (details: acct number
and bank) to receive the proceeds of the sale of goods.

8. Financial Reports:

Partner A shall keep proper written account of profit earned from the sale of
goods. Partner B shall keep proper account of proceeds received in his bank
account for the sale of goods.

9. Confidentiality Agreement:

The Partners agree to keep all information exchanged in relation to this business
venture confidential and not to disclose to a third party.

10. Miscellaneous:
On expiry or earlier determination of the agreement, Partner A agrees to return
all unsold goods of this business venture to Partner B.

11. Dispute Resolution:

The Partners agree to resolve disputes arising from the agreement out of court
through negotiations in good faith. If the dispute remains unsolved after 30 days
from the day such negotiations began, the aggrieved partner may seek redress in
the Court of competent jurisdiction in Enugu State.

12. Governing Law:

This agreement shall be governed by and construed in accordance with the laws
of Enugu State of Nigeria.

13. This agreement is signed in duplicate and one copy will remain with Partner A
and the other copy will remain with Partner B.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

SIGNED, SEALED AND DELIVERED BY PARTNER A:

___________________________________________

Miss Obomanu Boma Gift

In the Presence of:

Signature:__________________________________
Name:_____________________________________

Address:___________________________________

Occupation:________________________________

SIGNED, SEALED AND DELIVERED BY PARTNER B:

_____________________________________________

Mr. Chukwuma Victor Erike

In the Presence of:

Signature:__________________________________

Name:_____________________________________

Address:___________________________________

Occupation:________________________________

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