You are on page 1of 1

THIS DEED OF PARTNERSHIP IS MADE on this -------- day of January, 201__ between two parties with as

per following Share of each

1. CENTRAL SCHOOL (30%) 2. B. (70%)

WHEREAS the above named partners have decided to start the partnership business of Academy in the
name of CENTRAL SCIENCE & ARTS ACADEMY (CAAS) with effect from ---- of --- 2019 on the terms and
conditions hereinafter mentioned and have desired to reduce the terms and conditions into writing.


2. THAT the PARTIES referred above shall carry on the business of Academy in the PARTNERSHIP bases
under the name CENTRAL SCIENCE & ARTS (CAAS)

3. That the capital required for the business of Partnership shall be contributed by PARTNER-A time to
time whenever needed

4. That all the PARTIES referred above shall be Working Partners and shall attend diligently to the
business of the Partnership and carry on the same for the greatest advantage of the business.

5. That the duration of the PARTNERSHIP shall be minimum of THREE years and no any partner can
leave before one year.

6. That any Partner may retire after one year from Partnership after giving a notice to the other Partner
of not less than three months in writing and at the expiry of such notice period he shall be deemed to
have retired.

7. Upon mutual understanding, each Partner or his duly authorized agent shall have free access to the
account books etc.

8. That no Partner shall have the right to sell, mortgage or transfer his share in the Academy to anyone
else the existing Partners. In the event of selling his/her share to anyone else, the existing Partners shall
have a right or pre-emotion in respect of such share sold.

11. Monthly closing will be on 10th of every month and Every business year will have closed on 31st
March of every year or in the case of any necessity on any other date as the Partners may mutually

12. That no Partner shall do any act or thing whereby Academy or the Academy property may be
prejudicially effected.

13. That the terms of the Partnership Deed may be altered, added to or cancelled by the written consent
of the both Parties to this DEED.

14 That the partners can open the bank account of the firm, in any bank and bank account shall be
operated by the partners jointly or individually, as the case may be.

15. That the partners shall not take any loan from any person/Financing Company, bank or any other
Govt./Pvt. Department in any case on behalf of academy, without the written consent of each other.

16. That in the case of any dispute arising out of this DEED between the Parties of this DEED, it shall be
decided by Arbitration as provided for under the Pak. Arbitration Act. 18. That in case of death of any
partner, the partnership shall not stand dissolved but such of the legal heirs of the deceased or his/her
nominees as are approved by the surviving partners shall step in his/her place.

Party A Party B