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1. Parties: Identification of all parties involved, including the departing partner, remaining partners, and the partnership entity itself
2. Background: Context of the partnership, reason for buyout, and current ownership structure
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase and Sale of Partnership Interest: Core terms of the transaction, including the partnership interest being transferred
5. Purchase Price: Agreed valuation and purchase price for the partnership interest
6. Payment Terms: Structure and timing of payments, including any installment arrangements
7. Closing: Conditions precedent, closing mechanics, and timing
8. Representations and Warranties: Statements of fact and assurances from both parties
9. Covenants: Ongoing obligations of the parties, including any transition arrangements
10. Non-Compete and Non-Solicitation: Restrictions on the departing partner's future business activities
11. Release of Liabilities: Mutual release of future claims and ongoing liabilities
12. Confidentiality: Obligations regarding confidential information and trade secrets
13. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction for disputes
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
15. Execution: Signature blocks and execution requirements
1. Employee Matters: Required when the departing partner has direct responsibility for employees or when employment contracts need to be transferred
2. Intellectual Property Rights: Needed when IP ownership or licenses need to be addressed as part of the buyout
3. Real Estate Provisions: Required when real property interests are involved in the partnership
4. Tax Matters: Detailed tax provisions when complex tax implications need to be addressed
5. Earn-out Provisions: Include when part of the purchase price is contingent on future performance
6. Third-Party Consents: Required when the buyout requires approval from external parties like banks or major clients
7. Transition Services: Include when the departing partner needs to provide ongoing support during a transition period
8. Dispute Resolution: Alternative dispute resolution procedures if parties want to specify mediation or arbitration
1. Schedule A - Partnership Interest Details: Detailed description of the partnership interest being transferred
2. Schedule B - Valuation Report: Independent valuation or agreed calculation of the partnership interest value
3. Schedule C - Payment Schedule: Detailed payment terms and installment schedule if applicable
4. Schedule D - Assets and Liabilities: Comprehensive list of partnership assets and liabilities
5. Schedule E - Client Contracts: List of key client contracts affected by the buyout
6. Schedule F - Outstanding Obligations: List of ongoing obligations and commitments
7. Appendix 1 - Required Consents: List of third-party consents needed for the buyout
8. Appendix 2 - Transfer Documents: Forms and documents required for the formal transfer of ownership
9. Appendix 3 - Financial Statements: Recent financial statements of the partnership
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