PARTNERSHIP DEED

PARTNERSHIP DEED

                         This DEED OF PARTNERSHIP made on this …………….. day of ………………, BETWEEN:

1.   Shri …………………., Date of Birth:…………….,Occu: Business, R/o: …………., state herein after called party of the I part and Partner No1           

                 

2.   Shri ……………………., Date of Birth:…………….., Occu: Business, R/o: ………………………., state herein after called party of the II part and Partner No2    

           

          WHEREAS, the parties hereto have decided to carry on the business of partnership in RATAIL SECTOR under the name and style of …………………………..

          WHEREAS, the parties are desirous of reducing to writing the terms and conditions of their partnership Agreement as mentioned below:

THEY HEREBY AGREE THAT:

1.   The business of the Firm shall be to deal in retail sector and to do such other business as the partners may mutually agree. 

2.   The partnership shall commence with effect from today, the ………….^. day of ………………………… 

3.   The business of the Firm shall be carried on under the name and style of ……………………………………...

 

4.   Duration of Firm at WILL.

5.   The principal place of business of the Firm shall be rent basis and situated at ………………………. The Firm may however carry on the business at such other place or places as the partners may mutually agree from time to time.

6.   That the, capital investments of the partners wherever necessary, shall be contribute by the partners equally.  

7.   The profits and losses of the Firm shall be shared or contributed by the partners in the following proportions.

1.      Shri ......................................          01%

2.      Shri ......................................        99%

Total                                                            100%

8.    That  bar of the partners so long remain a partner of the firm carry on any other business, directly or indirectly, similar to or competitive of the business of the kind run by the firm. 

9.   That the firm shall not be closed either by death or retirement of the partner or partners but shall continue to run either with or without successor or successors of such deceased or out going partner or partners. 

10.               That the bank account shall be operated by the partner No.2 only. 

11.               That all the matters of disputes regarding the partnership business shall be decided by the arbitrators duly appointed by the partners. 

12.               That the party of the first and second parts will be the working partners and shall be responsible for carrying out the day to day functioning of the partnership firm Viz day to day management, maintaining of accounts, office, bank affairs, purchase and sale of goods, service, recovery of dues, income tax and sale tax matters etc. The partners will mutually decide about the work to be under taken by each of them.

13.               That the books of account of the firm is and shall be maintained in    language considered more convenient by the partners. And that the account of the firm shall close 31^st march of every year.

14.               That the books of accounts are and shall be kept at the principle place of business of the firm and partners shall have the access on that by right.

15.               That no new partner or partners shall be admitted to the business of the firm without the mutual consent of the all the partners.

16.               That the firm shall not be closed either by death or retirement of the partner or partners but shall continue to run either with or without successor or successors of such deceased or out going partner or partners.

17.               Both the partners shall be just and faithful to each other. 

18.               Any dispute which may arise between the partners shall be referred to Arbitration according to the provisions of Arbitration Law then in force and the decision of the Arbitrator shall have binding on all partners of the Firm. 

19.               The relationship of the partners shall be governed by provisions of India Partnership Act of 1932 or any the subsisting modification there of shall apply.

IN WITNESS THEREOF we all the partners hereto have signed this deed at their free will and consent on today .............day of ............at ..................

PARTNERS    SIGNATURE

Witnesses:                              1 Shri .............................       

            Partner No.1

1

2 Shri ...........................

            Partner No.2

2

                     FORMS register

      FROM NO.1

(SEE RULE NO.3)

        THE INDIAN PARTNERSHIP ACT, 1932.

Application of Registration

Of Firm by the Name: 

Presented or forwarded to the

Registrar of Firms for filing by  

            We, the undersigned being the partners of the firm hereby apply for Registration of the said firm and for that purpose supply the following particulars, in pursuance of section 58 of the Indian Partnership Act, 1932.

The Firm Name:        

Place of Business:

(a) Principal Place:

(b) Other Places     Nil

Name of the partners in full     Date of joining the firm             Permanent Address in full

1

2

3

4

5

6

Duration of the firm:  At Will

                                                                                                1

                                                                                                                                                                                                                                                2                                                                                             

3

4

5

6

Station :  .                                            Signature of Partners.

Date   

Shri                                                    Son of                         ,             Years of age do hereby declare that the above statement is true and correct to the best of my knowledge and belief and also declare that upto the date of submission of this application there has not been any change whatever in any of the particulars stated above.

Date:

Witnesses                                                                              Signature.   

                            Advocate/Chartered Accountant.

                                                                                   

Shri                                                Son of                         ,             Years of age do hereby declare that the above statement is true and correct to the best of my knowledge and belief and also declare that upto the date of submission of this application there has not been any change whatever in any of the particulars stated above.

Date:

Witnesses                                                                              Signature.  

                            Advocate/Chartered Accountant.

                                                                                   

Shri                                                Son of                         ,             Years of age do hereby declare that the above statement is true and correct to the best of my knowledge and belief and also declare that upto the date of submission of this application there has not been any change whatever in any of the particulars stated above.

Date:

Witnesses                                                                              Signature.  

                            Advocate/Chartered Accountant.

                                                                                   

Shri                                                Son of                         ,             Years of age do hereby declare that the above statement is true and correct to the best of my knowledge and belief and also declare that upto the date of submission of this application there has not been any change whatever in any of the particulars stated above.

Date:

Witnesses                                                                              Signature.  

                            Advocate/Chartered Accountant.

                                                                                   

Shri                                                Son of                         ,             Years of age do hereby declare that the above statement is true and correct to the best of my knowledge and belief and also declare that upto the date of submission of this application there has not been any change whatever in any of the particulars stated above.

Date:

Witnesses                                                                              Signature.  

                            Advocate/Chartered Accountant.

                                                                                   

LEASE DEED

LEASE AGREEMENT

This Agreement of Lease made at ...............on .......................... day of...............................

Between

Mr. ................................., Age: ....................., Occ: ...................., R/o ................................, (hereinafter Called the “Leaser”) Which expression shall unless repugnant to the context or Meaning thereof be deemed to include his successors, heirs, executors, Administrators and assigns of the ONE PART.

And

............................. A Company registered under the Companies Act, 1956, having its registered office at ...............................................................

and Branch office at as per above.(hereinafter collectively referred to as the “Lessee”) which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its Successors in business and permitted assigns of the OTHER PART.

WHEREAS

1)      The Leaser absolutely owns and possesses premises admeasuring about ..................... Sq Ft. AT .......................... (hereinafter referred to as “the demised premises “ and more particularly described in the Schedule l written hereunder);

2)      The Lessee is engaged in the business manufacturing , marketing and retail/ wholesale trade of F.M.C.G , Grocery, Garments, Consumer Durables, Electronics, footwear, stationary, game zone and other related products and  rendering crop advisory services, soil and water testing services, door-delivery of product etc.(hereinafter collectively referred as “the said products and services”); The name and style of “ N- mart retails “ for the supply of the said products  and services in and around(…..place…).

3)      The Leaser is desirous of giving the demised premises on lease and accordingly, approached and requested the Lessee to take the same on Lessee.

4)      The Leaser has agreed to give and the lessee has agreed to take, the demised premises on lease basis for a period of 5 (Five) years to set up commercial premises in the name and style of “ retails “on the following terms and conditions agreed upon.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES HEREAS FOLLOWING;

1.LEASER  

i.                    The Leaser being the sole owner has in himself good right, full power and

Absolute authority to demise unto the Lessee the demised premises (CONFIRM)

ii.                  The lessee declares that the demised premises comprising of the building structure has been constructed in accordance with approved plan of the Local authorities and shall submit copy of completion certificate to that effect to the lessee within a period of 30 days from the date of occupation.

            iii.        The Leaser grants permission exclusively to the lessee to use the demised premises for setting up their “N-mart retails “ shop and for any other business and official purpose and do all other acts, deeds and things as may be necessary for accomplishment of their objectives.

iv.                The Leaser shall carry out such structural additions and / or alterations in the demised premises while handing over the possession of the demised premises and / or put any additional structures in the demised premises as may be required by the lessee from time to time.

v.                  The Leaser undertakes to repair and maintain the interiors, furniture’s and fixtures (more particularly described in the Schedule ll written hereunder) at his own cost during the period of lease.

vi.                The Leaser agrees to arrange and provide at his own cost electricity and water facilities, telecommunications, parking space etc. necessary for setting up “N-mart retails” shop. The Leaser shall provide a connected power load of 10 KVA(as per actual requirement) with a separate 3-phase meter for the exclusive usage of the lessee.

vii.              The lessee undertakes to pay all future taxes, fees, dues and duties in respect of the demised premises payable to any Government or municipal authority and ensure the regular maintenance and repairs of the demised premises during the tenure of this agreement at his own cost and the Lessee shall have no responsibility whatsoever in this regard.  

viii.            The Leaser shall allow the peaceful enjoyment of the demised premises during the period of lease without any eviction, interruption, disturbance, claim and demand whatsoever by the Leaser or any other person or persons lawfully or equitably claim

ix.                The Leaser agrees to build and maintain at his own cost a road from the nearest public road to “ retails “ shop for easy accessibility.

x.                  The Leaser agrees to fence off the demised premises at his own cost from adjoining of land or buildings and to keep the fence in good repairs and condition.

xi.                The Leaser during the term of this agreement shall not compel the Lessee to vacate the demised premises before the tenure of this agreement. In case of sale of the demised premises by the Leaser during the tenure of this agreement and/or any renewal thereof, the terms and conditions of this agreement shall be equally binding on the purchaser of the demised premises and Lessee shall not be compelled to vacate the demised premises.

xii.              The Leaser shall not prohibit the lessee from subletting or assigning the demised premises to any of its business associates or group and / or subsidiary companies as may be required.

xiii.            The Leaser shall authorize lessee to install and / or affix all necessary signage and advertisement boards at the demised premises for setting up the “ retails” shop and shall extend all necessary co-operation and help for the same. It is expressly agreed between the parties that the Leaser shall not put any signage and/or the agreement including any renewal thereof.

xiv.            The Leaser shall indemnify and keep indemnified lessee against all actions that may be initiated and losses and damages that may be suffered due to any reasons attributable on the part of Leaser.

xv.              The Leaser shall grant pre-emptive right (right to purchase in priority over others) to the lessee in the event of sale of the demised premised premises during the duration of lease or renewed term or on its determination, whichever is earlier.

2.      LESSEE:

i.                    The lessee shall use the demised premises for the purpose of setting up Complete Solution Provider Shop under the name and style “N-mart retails” or for any other official purpose and to do all other act, deeds and things as may be necessary for the said purpose.

ii.                  The Lessee shall allow the Leaser to enter the demised premises during office hours for inspection by previous intimation oral or in writing to the lessee or their officials/representatives.

iii.                The Lessee shall keep and use the demised premises without causing any damage thereto and in the event of any damage shall make good the same forthwith (normal wear and tear excepted).

iv.                The Lessee shall pay monthly rent in respect of the demised premises on or before 15^th day of each month to the Leaser.

v.                  The lessee will carry out any additions or alterations in the interior designs in the demised premises as may be required from time to time.

vi.                The Lessee alone shall be responsible for obtaining all applicable licenses and permissions, as may be required from Government Authorities for setting up “N-mart retails” shop at the demised premises. At no point of time Leaser shall be responsible for the same.

vii.              The Lessee shall take utmost care for storage of the said products at the demised premises and shall ensure that the demised premises shall not be damaged on account of the same.

viii.            To hand over vacant possession of the demised premises to the Leaser on expiry of this Agreement or earlier termination, after clearing all dues, if any, in the same condition as they were at the commencement of the Lease (normal wear and tear excepted).

ix.                All permissions, approvals, authorities and notification required to be given by the company under this agreement shall be issued and signed.

3.      DURATION:

            The permission to let the demised premises on lease shall be only for a period of 5(five) years from the date hereof. The lease Agreement shall be renewed for further period as may be agreed on the terms and conditions to be mutually agreed between both the parties

4.      LEASE RENT:

i)                    During the period of the lease, the Lessee shall pay to the Leaser a monthly rent of Rs(4000/-) (Rupees Four Thousand Only) on chargeable area of .................. sq ft of ground floor, (CONFIRM) of the demised premises subject to deduction of taxes as compensation for the use of the demised premises, to be paid on or before 15^th of every month. The payment of monthly lease shall start from the date of completion of rent-free period as mentioned herein below or from the date of start of commercial operations at the demised premises, whichever is earlier. Rent free period will start after hand over of premises completed as per MOU. Further lessor agreed that Rs 50000/-(fifty thousand rupees only ) has received towards as deposit amount.

ii)                  It is agreed between both the parties that Lessee shall pay telecommunication costs, electricity bills on actual basis for the entire lease period.

iii)                Further it is expressly agreed between the parties that the aforesaid lease rent shall be subject to 12% escalation at the end of every 3 (three) years.

iv)                Further it is agreed between both the parties that Leaser shall grant the Lessee a fit-out (rent free period) of 90days commencing from the date of occupation of the demised premises.

                       

5.      Termination  / sooner Determination:

i)                    The period of 3 (three) years from the date of execution of this Lease agreement shall be the “lock-in period”. During this lock-in period Leaser shall not terminate or cancel this agreement.

ii)                  The Lessee may terminate this agreement even before completion of lock in period by giving three months notice to the Leaser of its intention to terminate the agreement.

6.      It is expressly agreed between the parties that the expression Leaser shall be deemed to include his administrators and successors and this agreement shall be binding on them.

7.      AMENDMENTS:

The amendments in any of the clauses to the Agreement shall be agreed to by both the parties in writing and the amended clauses/s shall have the effect from the date of such Agreement between the parties for such amendments.

8.      TWO SETS:

This Agreement shall be prepared in 2 (two sets). The Leaser shall retain one set and the Lessee shall retain the other.

9.      NOTICE

The address of the parties for the purpose of sending notice and communication are as under:

Leaser:  Mr. ...................................., R/o ..........................

Lessee: .................................................

            Notices and communications shall be sent by way of Registered Post Acknowledgement Due. Each party shall intimate the others in writing of any change in the aforesaid address and other information.

10.    ARBITRATION:

Any dispute or difference arising out of this Agreement shall be referred to a sole Arbitrator appointed by the Lessee in accordance with the provisions of Arbitration and Conciliation Act, 1996 and the decision of such Arbitrator shall be final and binding on both the parties. The venue of such proceedings shall be at .....................................

11.  This agreement shall supersede any previous understandings or agreements reached between the Leaser and Lessee in this regard.

SCHEDULE 1

(Referred hereinabove)

DESCRIPTION OF DEMISED PREMISES

All that piece of land situated at bearing ..........................sq.ft constructed and (Confirmed) surrounded by

East:    .

West:   .

North:  Road

South:  .

SCHEDULE II

(Referred hereinabove)

List of furniture, fixtures agreed to be provided by the Leaser as per the requirements of the Lessee as per Clause 1(iv)

Please confirm the content of this schedule

1)      Electricity power as per Lessee's requirement to be provided by the leaser.  Lessee will not pay any deposit or expense for electricity.

2)      Glass work to be done by Leaser, toughened glass for doors and rest 12 mm plain glass

3)      Colour work to be done by Leaser (Asian paints beauty emulsion, green colour code x 153)

4)      Complete flooring with cream coloured vitrified tiles

5)      Electrical points to be provided by Leaser

6)       Leaser will provide building completion certificate and corporation approved layout plan.

7)      If there were any previous tenant than documents showing cancellation of shop establishment and food, fire, labour dept, will be provided by leaser.

8)      Rent will be paid only after completion of month and not in advance

9)      Water, electricity charges, or any govt taxes before handover of premise has to be borne by the leaser and copy of receipt of due payments paid has to be given to lessee on possession

10)   all fire equipments like water pipeline, sprinklers, smoke detector etc to be installed by leaser

11)   permission to use frontal area for any activity like sub rental to food joints, sale for scheme products, special displays, canopies, kiddie rides etc to be given by Leaser

12)   All legal documentation i.e. Rent agreement notarization or registry expense will be borne by both the parties in ratio of 50:50.

IN WITNESS WHEREOF the parties have put their hands the day and the year first herein above written.

SIGNED AND DELIVERED BY THE

(a)    WITHIN NAME M/S ................................

Through their constituted attorneys

........................R/o...................

Witness:

Signature: ________________

1.       Name:________________________

Signature: ________________

2.       Name:________________________

SIGNED AND DELIVERED BY THE

WITHIN NAMED Mr. ..................................., R/o ...........................

 .                            

                                Witness:

Signature: ________________

1.       Name:________________________

Signature: ________________

2.       Name:________________________

Promissory Note

                        I, Shri._______ S/o._______promise to pay Shri.______S/o.______ or order, on demand, the sum of Rs.____ (Rupees_______only) with interest at the rate of ___ per cent. per mensem / annum from the date of these  presents, for value received.

Place:

Date: Signature.

Promissory Note in Kannada

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