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This partnership agreement can be used to draft for establishing a general partnership for three parties under the law of a specified jurisdiction. This agreement is drafted to impose neutral obligations on the parties.
This agreement provides a basic partnership framework only.
Each Partner (the Indemnifying Partner) hereby agrees with and undertakes to the other to indemnify the other Partner and to keep it indemnified at all times against all losses, demands, damages, charges, claims, actions, costs, expenses and other liabilities of whatsoever nature suffered or incurred by the other Partner. This is subject to the Indemnifying Partner indemnifying the other Partner to its satisfaction against all losses, liabilities, costs, damages thereby incurred or to be incurred.
The Chief Executive is responsible for producing a draft budget for each accounting period and updating the business plan. The draft budget and updated business plan shall be submitted to the Partnership Board for approval not less than 45 business days before the start of the following accounting period. In any event, the draft budget and business plan (in each case with such amendments as the Partnership Board may agree) shall be adopted by the Partnership Board before the start of the relevant accounting period.
Following any request from the other Partner, each Partner will promptly submit to the Partnership Board all information relating to the affairs of the Partnership in the possession of that Partner and which the requesting Partner may reasonably require.
This document should be carefully read by the Partners in the proposed partnership.
Partners who wish to establish the partnership should complete their personal and business information as much as they could.
Please provide the territory/jurisdiction where the partnership will be formed, the name of the partnership, and the purpose of the business of the partnership in creating this agreement. The initial capital contribution from each partner and property and assets initially owned by the partnership should also be indicated.