This DEED OF PARTNERSHIP is between you
Onicorn Selectiall Services Private Limited, registered under the provisions of the Companies Act 1956 and having its registered office at 439, Mahaveer Lane, Garrage chhak, Old Town, Bhubaneswar-751002, Odisha
Hereinafter called the partners of the first part and Second Part respectively.
WHEREAS the Party of Second Part Viz. Onicorn Selectiall Services Private Limited is formed with the objective of providing professional services to its clients.
AND WHEREAS the Party of the First Part has expressed its desire and willingness to enter into Partnership and that the Party of the second Part shall be taken as Partner.
AND WHEREAS it is deemed necessary and desirable that a regular Deed of Partnership be reduced in writing and executed on the terms and conditions mentioned hereunder.
Terms of Service:
1. The Partnership shall be for an indefinite period unless it is determined.
2. That the business would be conducted under the name Onicorn Selectiall Services Private Limited and the first part will not market his/her business name
3. That the amount per service shall be divided between and borne by parties hereto in the following proportions:
First partner: Second partner = 70:30
4. That the First partner is obliged to split the amount after every service in ratio as mentioned above and transfer the second partner’s share to the company’s account or via cash.
5. That the First partner is liable and obliged to render quality service with utmost dedication within the time period (as fixed by the second partner) to the second partner’s clients upon approval of a certain service from both the parties.
6. That the second partner reserves the right to withhold the payment, penalize, terminate and blacklist the first partner in case of unsatisfactory service.
7. That all rights of the firm namely ISI marketing license, Trademarks, Sales Tax registration, Telephone connections, Tenancy rights, Lease rights, Ownership right etc. shall be deemed to be the rights of only the Second partner.
8. That each partner shall: –
- Diligently attend to the business of the company and devote his/her necessary time and attention thereto.
- Punctually pay her/his separate debts and indemnify the other partner and the Assets of the firm against the same and all expenses therefore.
- Upon every reasonable request inform the other Partner of all letters, accounts, writings and such other things which shall come to her/his hands or knowledge concerning the business of the company.
9. That the First Partner shall not without the consent of the company: –
- Lend any of the money or deliver upon credit any of the goods of the firm to any person or persons whom the firm shall have previously in writing forbidden her/him to trust.
- Raise or advance any loan in the name of or on behalf of the firm.
10. That any partner may retire from the Partnership, hereby formed by giving one-month notice in writing to the others but none shall leave the partnership until or unless all the pending commitments are carried out, liabilities paid off, assets realized and accounts are rendered fully and settled finally to the entire satisfaction of each of the parties hereto.
11. That the parties hereto may, however, with their mutual consent pay remuneration to any of the parties hereto at a rate that may be mutually agreed upon between them from time to time. They shall be at liberty to increase or decrease such rate of remuneration with their consent from time to time.
12. That it will always remain open to the parties hereto to amend, annul or change any term or terms of this Deed of Partnership in the course of its business and in that event of amending, annulling or changing any term or terms of this deed of Partnership no fresh deed shall be required to be executed.
13. That without prejudice to the above terms and conditions the parties hereto in all other matters shall be governed by the provisions of Indian Partnership Act, 1932.
14. That all the disputes or differences arising out of it and connected with the Partnership shall be referred to the arbitrator in accordance with the Indian Arbitration Act.
15. Once confirmed, the First party has to render the service without fail or else it would be considered as a breach of agreement.
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439, Mahaveer Lane, Garrage Chhak, Old Town, Bhubaneswar-751002, Odisha