PARTNERSHIP AGREEMENT

PARTNERSHIP AGREEMENT

THIS PARTNERSHIP AGREEMENT (hereinafter the “Agreement”) is made on the…………day of January, Two Thousand and nineteen (2019).

BETWEEN;

XXXX, of address……………, United States of America, of the one part.

And

YYYY, of address……………, Republic of Rwanda, of the other part

(Jointly called “the Partners”)

WHEREAS;

  1. The Partners are desirous of carrying out the business in the area of Information and Communications Technology (ICT);
  2. The Partners have agreed to carry out ICT business in partnership at Kigali within the Republic of Rwanda.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partners hereby agree as follows:

  1. Operative provisions
    • The Partners are partners in the business of ICT. Specifically the Partnership Company shall engage in software development, Consultancy Company, creation of innovative software applications and other products.

 

  • The Partnership shall practice its business at kk 373 st Kicukiro, Kigali in the name and style of Computer geek technology ltd.

 

 

 

  1. Duration

The Partnership shall continue for the joint lives of the Partners or until its earlier termination under this agreement.

  1. Partnership property
    • All the assets used for the purposes of the Partnership business shall be Partnership property and shall belong to the Partners in the proportions in which they share the profits of the Partnership.

 

  • The cost of all rent, rates, repairs, insurance and other outgoings and expenses relating to the office premises of the Partnership business and to any other property acquire for the purpose of the Partnership business shall be borne by the Partnership.

 

 

  1. Financial provisions
    • The initial capital of the Partnership shall be a sum of ________ US Dollars, which shall be provided by…………….. The Partners may at any time approve the introduction of more investment/capital into the Partnership by any of the Partners.

 

  • Likewise, the profit, losses liabilities and the goodwill of the Partnership shall be shared or borne equally by each of the Partner or 50/50 per centum.

 

  • Any of the Partners may, with the consent in writing of the other Partner, advance any sum of money to the Partnership firm over and above his due contribution to capital the same shall be a debt due from the Partnership to the Partner advancing the same and shall carry interest at the rate of……per centum per annum payable on every……during the continuance of the loan. No sum so lent shall be deemed any increase of the capital of the Partner advancing the same or entitled him to any increased share in the profits of the partnership.

 

  • The Banker of the Partnership shall be………Bank or any such other Bank as the Partners shall from time to time agree upon.

 

  • All Partnership moneys (not required for current expenses) shall, as and when received, be paid into the Partnership bank account.

 

  1. Records and account
    • Proper books of account and entry shall be kept and made by the Partners. Each Partner shall duly and punctually make full and proper entries of all business transacted by him on account of the Partnership.

 

  • As soon as practicable after each Accounting Date, financial statements shall be prepared of all the assets and liabilities of the Partnership on that Date and of all dealings and transactions of the Partnership during the Accounting Period ending on that Date.

 

  1. Meetings and voting
    • A general meeting of the Partners shall be convened at intervals of approximately six months as determined by the Partners to consider the business and affairs of the Partnership.

 

  • Notices of meetings of the Partnership shall specify the place, day and hour of the meeting and shall contain a statement of the matters to be discussed.

 

 

  1. Dispute Resolution

Any dispute, difference or question which, either during the Partnership or afterwards, arises between the Partners in relation to this agreement or the Partnership, the matter shall be referred to a single arbitrator, agreed upon by the parties.

 

  1. Entire Agreement/amendments

This contract represents the complete agreement between the Partners. As such, any changes or modifications to the contract can only be made by a mutual agreement of the parties in writing.

 

______________________

XXXX

 

______________________

yyyy

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