The Partnership Settlement Agreement is a crucial document used when partners decide to dissolve their business relationship in Malaysia. It's particularly important for documenting the agreed terms of separation, whether amicable or following a dispute. This agreement, governed by Malaysian law including the Partnership Act 1961, provides a comprehensive framework for addressing all aspects of the partnership dissolution, including asset distribution, liability allocation, client transitions, and ongoing obligations. It serves as a vital tool for preventing future disputes by clearly documenting the settlement terms and mutual releases. The document is essential for partnerships of all sizes and complexities, ensuring compliance with local legal requirements while providing certainty and closure for all parties involved.
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1. Parties: Identification of all partners and their details including registered addresses
2. Background: History of the partnership, reason for dissolution, and context of the settlement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Settlement Sum: Details of any monetary settlement between the partners
5. Asset Distribution: Agreement on how partnership assets will be divided or transferred
6. Liabilities and Debts: Allocation of partnership liabilities and outstanding debts
7. Release and Waiver: Mutual release of claims and waiver of rights related to the partnership
8. Confidentiality: Obligations regarding confidential information and trade secrets
9. Tax Matters: Handling of tax liabilities and obligations
10. Further Assurance: Partners' commitment to execute additional documents if needed
11. Governing Law and Jurisdiction: Specification of Malaysian law and jurisdiction
12. Entire Agreement: Confirmation that this document represents the complete agreement
13. Execution: Signature blocks and execution formalities
1. Non-Compete and Non-Solicitation: Restrictions on future business activities and client solicitation, if agreed upon
2. Ongoing Litigation: Handling of any pending legal proceedings, if applicable
3. Intellectual Property Rights: Distribution of IP rights owned by the partnership
4. Employee Matters: Treatment of partnership employees and related liabilities
5. Insurance and Indemnification: Ongoing insurance obligations and indemnification provisions
6. Public Announcements: Protocol for making public statements about the settlement
7. Transition Services: Any temporary services to be provided between partners post-dissolution
1. Schedule 1 - Asset Register: Comprehensive list of partnership assets and their agreed distribution
2. Schedule 2 - Settlement Payment Schedule: Details of payment amounts, dates, and methods if applicable
3. Schedule 3 - Outstanding Liabilities: List of all partnership debts and their allocation
4. Schedule 4 - Client List: Distribution of client relationships and related obligations
5. Schedule 5 - Ongoing Contracts: List of contracts and their treatment post-dissolution
6. Appendix A - Valuation Report: Independent valuation of partnership assets if applicable
7. Appendix B - Tax Clearance: Relevant tax clearances or certificates
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Legal Services
Accounting & Financial Services
Real Estate
Retail & Trading
Construction
Healthcare
Technology & Software
Manufacturing
Consulting
Architecture
Engineering
Relevant Teams
Legal
Finance
Compliance
Risk Management
Operations
Business Development
Corporate Secretarial
Tax
Audit
Executive Management
Relevant Roles
Managing Partner
Senior Partner
Business Owner
Legal Counsel
Company Secretary
Chief Executive Officer
Chief Financial Officer
Financial Controller
Business Development Manager
Operations Manager
Partnership Manager
Risk Manager
Compliance Officer
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