7/21/2019 479892 850651 Retirement of One Partner and Admission of Other Partner

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Deed of Retirement of one Partner and Admission of a new Partner

Agreement is made at.this day of .between Mr. A and Mr. B both residing at. Andat.respectively, hereinafter referred to as the ontin!ing Partners" of the #ne Part and Mr. residingat.hereinafter referred to as the Retiring Partner" of the $econd Part and Mr. D residingat..hereinafter referred to as %ew Partner" of the &hird Part,

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+. &he ontin!ing Partners and the Retiring Partners are carrying on b!siness in partnership in the

name of Ms .!nder the Deed of Partner*ship dated..entered into by and between thecontin!ing Partners and the Retiring Partner.

-. &he Retiring Partner desires to assign or transfer his share in the said Partnership to the %ewPartner and retire from the partnership.

. &he ontin!ing Partners have agreed to admit the %ew Partner as a partner in place of theRetiring Partner.

/. 0t is agreed to enter into this agreement to give effect to the said transaction.

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+. &he Retiring Partner hereby assigns and transfers all his share, right, title and interest in the said

partnership b!siness together with all the assets incl!ding goodwill and all o!tstandings, benefitsof all permits and licenses held by the 3irm and o!tstanding contracts for a consideration ofRs.paid by the %ew Partner to the Retiring Partner on the e6ec!tion of these presents 7receiptwhereof the Retiring Partner doth hereby admit8 to hold the same !nto the %ew Partnerabsol!tely b!t s!b9ect to all debts and liabilities of the 3irm.

-. &he Retiring Partner releases all his rights and claims to and in the said 3irm and its assets of all:inds.

. &he Retiring Partner agrees and !nderta:es not to carry on the same or similar b!siness as thatcarried on by the 3irm for a period of atleast two years from now.

/. &he ontin!ing Partners agree to indemnify and :eep indemnified the Retiring Partner against allloss, costs, charges and e6penses that the Retiring Partner may s!ffer or inc!r on acco!nt of anyclaim being made against him as a Partner of the said 3irm.

;. &he ontin!ing Partners admit the %ew Partner as a Partner of the said Partnership in place of theRetiring Partner and on the basis of the same terms and conditions as are contained in the saidDeed of Partnership Deed. (ereinbefore recited as if the %ew Partner was a party to the saidDeed of Partnership in place or stead of the Retiring Partner e6cept that the %ew Partner will notbe entitled to the benefits by way of profits earned d!ring the period !pto the date of thesepresents.

. &he said Partnership between the ontin!ing Partners and the %ew Partner will contin!e hereafter

on the same terms and conditions as are contained in the said deed of Partnership.

0% '0&%)$$ '()R)#3 the parties hereto have p!t their respective hands the day and year firsthereinabove written.