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Partnership Settlement Agreement
"I need a Partnership Settlement Agreement for a 3-partner accounting firm where one partner is retiring on March 1, 2025, including provisions for client transition over 6 months and the distribution of partnership assets valued at approximately £2.5 million."
1. Parties: Details of all partners involved in the settlement
2. Background: History of partnership and reasons for settlement
3. Definitions: Key terms used throughout the agreement
4. Settlement Terms: Core terms of the settlement including financial arrangements
5. Asset Distribution: Division of partnership assets and liabilities
6. Release of Claims: Mutual releases between partners
7. Confidentiality: Confidentiality obligations regarding partnership matters
1. Employee Arrangements: Terms regarding existing employees - use when partnership has employees
2. Intellectual Property: Distribution of IP rights - use when partnership owns intellectual property
3. Client Transition: Arrangements for transitioning clients - use for professional service partnerships
4. Non-Compete Provisions: Restrictions on future business activities - use when partners agree to post-settlement restrictions
1. Schedule 1: Asset Register: Complete list of partnership assets and their agreed values
2. Schedule 2: Client List: List of clients and their allocation between partners
3. Schedule 3: Outstanding Liabilities: List of all partnership debts and payment responsibilities
4. Schedule 4: Payment Schedule: Timeline and details of settlement payments
5. Appendix A: Partnership Accounts: Final partnership accounts and financial statements
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