PARTNERSHIP AGREEMENT
This Partnership Agreement is made on
__________________20___ Between _______________
and ____________________.
1. Name and Business.
The parties hereby agree to form a partnership to operate a business known as
_______________.
The principal office of the business shall be at _______________________.
The Business shall be specialized in selling women’s clothing.
2. Term.
The partnership shall begin on _____________, and shall continue for a period of
one year.
3. Payment.
The parties agree that the current payment terms with the current three shareholders
excluding the new fourth partner as follows; –
For individual effort/referrals/outreach (i.e getting companies to buy cards by
individual effort or referral of the individual) – 80% for company revenue and
20% personal comission. At the end of the month the profit is split by 3.
For inreach (i.e someone that orders the cards online without anybody’s
referral/individual effort) 100% for company revenue, at the end of the month
profits are split by 3.
In regards to the new fourth partner, the profit will be split only between the
founder/ceo and 1/3 shareholders and him as follows;-
80% for the fourth partner
20% for the founder/CEO
In regards to restaurant menus from referral 90% for the fourth partner and
10% for the founder/CEO on profits and he has to pay for costs of goods on
restaurant menus that are from his referrals/individual effort and outreach.
For business cards, if the fourth partner brings someone from his referral he
gets 20% of the profit, if it’s from inreach/outreach of the company (not from
any person’s referral/individual effort) he gets 10% of the profit only in the
case the he invests money in the costs of goods. If not he gets 0% cut.
4. Intellectual property.
The partners logo and company name is copyrighted and its intellectual property
owned by both partners equally.
5. Management Duties and Restrictions.
The partners shall have equal rights in the management of the partnership business,
and each partner shall devote their time to the company’s conduct. Without the
consent of the other partner, neither partner shall, on behalf of the partnership,
borrow or lend money, or make, deliver, or accept any commercial paper, or execute
any mortgage, security agreement, bond, lease, or purchase or contract to purchase
or sell or contract to sell any property for or of the partnership other than the type of
property bought and sold in the regular course of its business.
6. Banking.
All partnership funds shall be deposited in its name in such checking accounts or
accounts designated by the partners. All withdrawals are to be made upon checks
signed by both partners.
Both parties have to agree on the money to be spent each month.
7. Termination.
The partnership may be dissolved at any time by agreement of the partners, in which
the partners shall proceed with reasonable promptness to liquidate the business of
the partnership.
Reasons for termination may include but not limited to; –
i. Breach of contract.
ii. Taking more percentage cut from profit than stated in the contract.
iii. Importing goods from supplier.
iv. Selling goods without companies/shareholders knowledge.
v. Exposing trade secrets
8. Dispute Resolution.
Any controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by arbitration in accordance with the rules, and judgment
upon the award rendered may be entered in any court having jurisdiction thereof.
9. Governing Law.
This Agreement shall be construed, governed, interpreted, and applied according to
the Laws of Manama, Bahrain.
10. Waiver.
The waiver by either party of the breach of any covenant or provision in this
Agreement shall not operate or be construed as a waiver of any subsequent breach
by either party.
11. Severability.
In the event a court of competent jurisdiction declares any term or provision of this
Agreement to be invalid or unenforceable for any reason, this Agreement will remain
in full force and effect and either:
a. The invalid or unenforceable provision(s) will be modified to the minimum
extent necessary to make such provision(s) valid and enforceable; or
b. If such a modification is not possible, this Agreement will be interpreted as if
such invalid or unenforceable provision(s) were not a part of this Agreement.
12. Amendment of Agreement.
This agreement cannot be amended without the written consent of all partners.
IN WITNESS WHEREOF, the partners hereunto set their signatures and
acknowledged this Agreement as the date first above written.
By
_______________________________;
–
Signature:
__________________________
Date:
______________________________
Email Address:
_____________________
By
_______________________________;
–
Signature:
__________________________
Date:
_______________________________
Email Address:
_____________________