Document background
The Sale of Partnership Agreement is a crucial document used when a partner wishes to exit a partnership by selling their interest to another party in Nigeria. This agreement is essential for businesses operating under the Partnership Act 1890 and CAMA 2020, providing a legally binding framework for the transfer of partnership interests. It should be used whenever a partner exits through sale rather than dissolution, ensuring proper documentation of the transfer terms, purchase price, warranties, and ongoing obligations. The agreement protects all parties' interests by clearly defining the scope of the sale, handling liability transitions, and addressing regulatory requirements specific to Nigerian partnership law. It's particularly important for registered partnerships and those with significant assets or complex business operations.
