DEED OF DISSOLUTION OF PARTNERSHIP
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THIS DEED OF DISSOLUTION is executed at Delhi on this 31st days of January,2004
BETWEEN
A son of ________ resident of ____________, hereinafter called „THE FIRST PARTY‟,
which expression shall, unless repugnant to the context or meaning hereof, mean and include
his heirs, successors, executors and legal representatives.
AND
B son of ________ resident of ____________, hereinafter called „THE SECOND PARTY‟,
which expression shall, unless repugnant to the context or meaning hereof, mean and include
his heirs, successors, executors and legal representatives.
WHEREAS the parties have been carrying on business in partnership under the name and
style of „M/s ABC‟, from premises bearing No. . E-1 Ram Nagar, Delhi, on the basis of a
partnership deed executed between them on 20th March, 2002;
AND WHEREAS it has been mutually decided by the parties hereto to dissolve this
partnership and to reduce the terms of this dissolution into writing;
NOW, THEREFORE, THIS DOCUMENT WITNESSES AS UNDER:
1. That the partnership constituted by the parties hereto vide the partnership deed dated
20.3.2002 on the basis of which business under the name and style of „M/s. ABC‟ was
carried at premises No. . E-1 Ram Nagar, Delhi has been dissolved with effect from today
i.e. 31.1.2004.
2. That all the accounts of the partnership have been agreed and understood by the parties
and all trading results, profits and losses and personal debit and credit entries and
balances, have been checked and accepted by them as per the account books.
3. That all records, account books, etc. of the dissolved partnership have been delivered to
the First Party hereto, who shall be responsible to notify all concerned authorities about
the fact of this dissolution and shall also be responsible to get the assessments, if any
pending, completed.
4. That the First Party shall produce the account books of the partnership, whenever
reasonably required by the Second Party, either before the assessment authorities or
before any other authority.
5. That the partners shall be liable for their individual taxes. However, any taxes or
payments raise against the dissolved partnership, shall be met by the individual parties, in
accordance with his ratio of profits and losses in terms of the partnership deed.
6. That none of the parties shall be liable for any liability raised by the other in the name of
the erstwhile partnership firm.
. Without prejudice to any rights and remedies herein contained, each of the parties hereto
hereby releases and discharges the other from all actions, proceedings, claims and
demands on account of the said partnership.
8. That it is mutually agreed if any dispute arises between the parties in relation to present
Dissolution Deed then the same shall be referred to the Sole Arbitrator to be appointed by
continuing partner under the provisions of Arbitration and Conciliation Act, 1996, and
place of arbitration shall be at New Delhi.
IN WITNESS WHEREOF the parties have signed this document on the date first above
written in presence of the following witnesses.
FIRST PARTY
SECOND PARTY
WITNESSES
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