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Partnership Sale Agreement
"I need a Partnership Sale Agreement for selling my 40% interest in a Auckland-based law firm to an incoming partner, with completion planned for March 2025, including specific provisions for client confidentiality and professional indemnity insurance requirements."
1. Parties: Identification of the Seller(s) and Purchaser(s) with full legal names and addresses
2. Background: Context of the partnership and reason for the sale, including brief description of the business
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation
4. Sale and Purchase: Core agreement to sell and purchase the partnership interest, including specification of the interest being sold
5. Purchase Price: Amount payable and payment terms, including any adjustments or earn-out provisions
6. Conditions Precedent: Any conditions that must be satisfied before completion can occur
7. Pre-Completion Obligations: Obligations of both parties between signing and completion, including business conduct requirements
8. Completion: Details of the completion process, timing, and deliverables required from each party
9. Warranties: Standard warranties given by the seller regarding the partnership interest and business
10. Limitations on Claims: Limitations on warranty claims and other claims under the agreement
11. Confidentiality: Obligations regarding confidential information and announcements
12. Post-Completion Obligations: Ongoing obligations after completion, including transitional arrangements
13. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Restraint of Trade: Restrictions on seller's future business activities, used when protecting goodwill is crucial
2. Employee Matters: Provisions dealing with transfer or retention of employees, used when staff are key to the business
3. Intellectual Property: Specific provisions for IP transfer, used when IP is a significant business asset
4. Real Property: Provisions dealing with premises, used when real estate is involved in the sale
5. Environmental Matters: Environmental warranties and indemnities, used for businesses with environmental risks
6. Tax Covenant: Detailed tax provisions and indemnities, used for complex tax situations
7. Partnership Consent: Provisions regarding obtaining other partners' consent, used in partial partnership sales
8. Debt and Liabilities: Provisions dealing with existing debt and liabilities, used when significant debt exists
1. Schedule 1 - Partnership Interest Details: Detailed description of the partnership interest being sold
2. Schedule 2 - Purchase Price Calculation: Detailed breakdown of purchase price and any adjustments
3. Schedule 3 - Completion Deliverables: List of all documents and items to be delivered at completion
4. Schedule 4 - Warranties: Detailed warranties given by the seller
5. Schedule 5 - Business Assets: Inventory of business assets included in the sale
6. Schedule 6 - Contracts and Commitments: List of material contracts and ongoing commitments
7. Schedule 7 - Intellectual Property: Details of all IP rights owned or used by the partnership
8. Schedule 8 - Employees: List of employees and their key employment terms
9. Appendix A - Completion Accounts: Pro forma completion accounts and adjustment mechanisms
10. Appendix B - Required Consents: List of third-party consents required for the sale
Authors
Professional Services
Legal Services
Accounting and Financial Services
Medical Practices
Architectural Firms
Engineering Consultancies
Real Estate Agencies
Trading Businesses
Retail
Hospitality
Manufacturing
Agricultural Partnerships
Construction
Technology Services
Management Consultancy
Legal
Finance
Compliance
Corporate Secretariat
Risk Management
Business Development
Operations
Executive Leadership
Administrative Support
Partnership Management
Managing Partner
Senior Partner
Partner
Chief Executive Officer
Chief Financial Officer
Commercial Director
Legal Counsel
Corporate Lawyer
Business Development Manager
Finance Director
Company Secretary
Risk Manager
Compliance Officer
Partnership Administrator
Business Owner
Managing Director
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