The contract to purchase partnership interest is a contract entered between two parties, one being the buyer and other being the seller wherein the partnership interest is being purchased by one partner from another. The contract provides details about the parties involved and terms and conditions agreed between them.
Sample Contract to Purchase Partnership Interest
The contract to purchase partnership interest is formed between the Converge trading Corp Ltd, 45 Hath walk street, New York 11200, hereafter known as the buyer and Shine industries Ltd, Bergen St & Wyckoff St Brooklyn, NY 11201, hereafter known as the seller. The contract is effective from 25th September 2012 and shall be valid before the closing date which is 31st October 2012.
Purchase and Sales Clause:
This clause speaks about the units or details of the partnership the seller wishes to sell, and the buyer agrees to purchase. The seller wishes to sell 47.5% of his stock to the buyer for 150 million dollars. The buyer should provide 10% of the amount to the seller if he sells the purchased portion of the stock within 12 month from the effective contract date.
The payment for the purchase of partnership interest has to be made only in the form of cash and should be paid prior to the closing date as specified above.
Approval of Other Partner:
The seller shall furnish approval or no objection certificates from rest of the partners in the partnership to the buyer. The seller agrees upon the happenings, actions, and claims etc to be completed before the closing of the contract.
In the presence of a witness both the parties enter into the contract.
Signature of Buyer Signature of Seller
Joseph Trib Kathy G Mark
Converge trading Corp Ltd Shine industries Ltd.
Signature of Witness
Mr. John Abraham