BUSINESS PARTNERSHIP AGREEMENT.
This Business Partnership Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between ____________________, Contact Info: ____________________ (hereinafter referred to as the “Partner A”), and ____________________________, Contact Info: ___________, (hereinafter referred to as the “Partner B”), as equal partners for the formation and management of ______________ (hereinafter referred to as the “Business”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period ______ [Months/Years] commencing on the Effective Date herein.
- Parties shall contributed capital equally 50/50 to the formation and management of the Business, to receive equal share of the profits made from the business monthly.
- Any loans applied for the Business shall be an equal responsibility between the Parties.
- In the event that the Business is closed down, the Parties shall dispose the business assets and share the amount made from the sale equally.
- The Parties shall share equal responsibility for the decision making for the business.
- The Parties agree to keep the business/partnership concept confidential and/or that disclosure of any details of the business concept or any other details about the management of the Company or the Company’s business and/or this Agreement will ONLY happen when and how needed, upon written consent of each Parties herein. The Parties agree that they shall do everything necessary in their personal capacity and as a team to always maintain the confidentiality of the business. Each Party shall not use the said information without prior written consent of the other partner except;
- The information is required by law.
- The information is already in the public domain.
- Neither Partner shall, during the term of this Agreement and/or the termination/cancellation thereof, start a business similar to the Business covered under this Agreement.
- DISPUTE RESOLUTION.
In the event of disputes arising about the execution of this Agreement and/or performance of obligations stated herein, the Partners shall solve such issues through a mediation process.
- WAIVER AND ASSIGNMENT.
- The waiver by either Partner of any breach or failure to enforce any of the terms and conditions of this Agreement at any time shall NOT in any way affect, limit, or waive such party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- No Party shall assign its rights or obligations under this Agreement without prior Notice or consent by the other Party.
The Partners agree that either Partner can cancel/terminate the Agreement at any given time, provided that the intending Partner provides the other Partner a _______ Day Written Notice on the cancel/termination.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW AND JURISDICTION.
- The Agreement shall be governed by and construed in accordance with the laws of _________ [State/Country]. Exclusive jurisdiction and venue shall be in ____________ [State/Country].
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
PARTNER A: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
PARTNER B: _____________ ___________________________ ___________
(SIGNATURE) (NAME) (DATE)
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