The Partner Exit Agreement is essential when a partner decides to leave or is required to leave a partnership. This document, governed by English and Welsh law, provides a comprehensive framework for managing the separation process, including financial settlements, asset distribution, ongoing obligations, and future restrictions. It helps prevent disputes by clearly defining each party's rights and responsibilities, ensuring compliance with partnership law while protecting both the departing partner's interests and the continuing business. The agreement typically includes provisions for client transition, confidentiality, non-compete clauses, and final settlement terms.
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1. Parties: Identification of all parties to the agreement
2. Background: Context of the partnership and reason for exit
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Exit: Specific date when partner's exit becomes effective
5. Financial Settlement: Terms of capital account settlement and profit share
6. Return of Property: Process for returning partnership property and assets
7. Confidentiality: Ongoing confidentiality obligations
8. Release of Liabilities: Mutual release of claims and liabilities
1. Non-Compete Provisions: Restrictions on future business activities - include when protecting business interests is crucial
2. Client Communication: Process for informing clients of partner's departure - include when partner had significant client relationships
3. Intellectual Property Rights: Treatment of IP rights post-exit - include when IP is significant to the business
4. Ongoing Consultancy: Terms of any continuing relationship - include when partner will continue providing services
1. Schedule 1: Financial Statement: Detailed breakdown of final financial settlement
2. Schedule 2: Partnership Assets: List of assets to be returned or transferred
3. Schedule 3: Client List: Agreed list of clients affected by the exit
4. Appendix A: Resignation Letter: Formal letter of resignation from partnership
5. Appendix B: Public Announcement: Agreed form of any public statements regarding exit
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