A sale of partnership interest contract is a contract between two partners of a firm or a joint venture, where in one of the partner wants to sell the share in the partnership firm. The partner can decide on the percentage of stocks or units in the partnership to be sold. This contract becomes mandatory when there are more than two partners present in a partnership firm. This sale of partnership interest contract will have all the details regarding the partnership units, payment terms, details of parties to the contract etc.
Sample Sale of Partnership Interest Contract
Contract Number: C 12
Date of contract: 22nd August 2009
Vendor Details:
Name: Mark Perry
Company: Terra byte Logistics
Address: 93 S Jackson St.
Seattle, Washington.
Purchaser Details:
Name: Jennifer green
Company: Technocrat’s Solution Ltd,
Address: 3rd Ave Suite, 2000 Riverside lane,
Seattle, Washington
As per this contract, the vendor agrees to sell 23 % of his partnership to the purchaser for 200 Million dollars.
Rights of the Vendor and Purchaser:
The purchaser will hold all the rights on the 23% partnership and the vendor will have to be informed about the further sales, or changes in 23% of partnership interest sold to the purchaser.
Payment Terms:
The payment of 200 million dollars, have to be made within one month of the contract date and that has to be made either in cash or cheque failing which the rights of partnership interest are liable to be repealed.
Consent of Other Partners:
The vendor should submit the consent letter in writing from the other partners or stake holders, before selling his partnership interest.
This contract is duly signed by both the parties in the presence of a witness.
Signature of the Vendor Signature of the Purchaser
Mark Perry Jennifer Green.
Signature of the Witness
Jean Bradman
