The Partnership Termination Agreement is a vital legal instrument used when partners decide to end their business relationship in New Zealand. It becomes necessary when partners mutually agree to dissolve their partnership, when a partner wishes to exit, or when circumstances necessitate the partnership's conclusion. This document must comply with the New Zealand Partnership Act 1908 and related legislation, providing comprehensive coverage of asset distribution, liability settlement, client transition, and ongoing obligations. The agreement typically includes detailed schedules of assets and liabilities, provisions for handling intellectual property, client relationships, and employee matters, while establishing clear protocols for the dissolution process. It serves as the definitive reference point for all aspects of the partnership's termination and helps prevent future disputes by clearly documenting all parties' rights and obligations.
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1. Parties: Identification of all partners involved in the termination agreement
2. Background: Brief history of the partnership, reference to original partnership agreement, and reasons for termination
3. Definitions: Definitions of key terms used throughout the agreement
4. Date of Termination: Specific date when the partnership will officially terminate
5. Distribution of Assets: Detailed provisions for the division and distribution of partnership assets
6. Settlement of Liabilities: Provisions for handling outstanding partnership debts and liabilities
7. Final Accounts: Requirements for preparation and approval of final partnership accounts
8. Mutual Release: Partners' release of claims against each other post-termination
9. Confidentiality: Ongoing obligations regarding confidential information
10. Governing Law: Specification of New Zealand law as governing law
11. Execution: Signature blocks and execution requirements
1. Intellectual Property Rights: Division and future use of partnership IP assets
2. Employee Matters: Handling of employment relationships and obligations
3. Ongoing Projects: Provisions for completing or transferring existing projects
4. Non-Compete Provisions: Restrictions on future competitive activities
5. Client/Customer Transition: Process for transitioning clients or customers
6. Tax Matters: Specific provisions for handling tax obligations and returns
7. Dispute Resolution: Specific procedures for resolving any future disputes
8. Insurance: Handling of insurance policies and future claims
9. Use of Partnership Name: Rights to use the partnership name post-termination
10. Return of Property: Process for returning partnership or partner property
1. Schedule 1 - Asset Register: Comprehensive list of partnership assets and their agreed distribution
2. Schedule 2 - Liability Register: List of all partnership liabilities and responsibility for settlement
3. Schedule 3 - Client List: Distribution of clients between partners
4. Schedule 4 - Final Accounts: Final balance sheet and profit/loss statement
5. Schedule 5 - Payment Schedule: Timeline and details of any payment arrangements between partners
6. Appendix A - Valuation Reports: Independent valuations of partnership assets
7. Appendix B - Tax Clearance: Tax clearance certificates or relevant tax documentation
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