Format Of Rectification Deed

THIS DEED OF RECTIFICATION is executed on the Xth Day of ________, 20XX BETWEEN __________, S/o ________________, R/o __________________________, Mr. ______________, S/o ________________________, R/o _____________________ AND Mr. ____________, S/o _________________, R/o ________________________ of the original Deed of Partnership dated _______, 200X.

WHEREAS the abovementioned parties have agreed that Mr. ______________ has opted out of the Partnership with effect from the date of this agreement:
NOW THIS DEED WITNESS as follows:
1. That Mr. ________________ will no more be a partner in M/s._______________ with effect from Xth _____,200X
2. that clause 4 of the original partnership deed shall be substituted by the following: “that the business of the partnership shall be carried out from the premises situated at _________________________ and factory will be at _________________________ or such other place(s) as the partners may decided from time to time.” 3. that clause 6 of the original Partnership deed shall be substituted by the following : “that Mr._____________ shall contribute to the capital of the partnership to the extent of Rs.__________ and Mr.____________ shall contribute to the capital in the form of Rs._______.” 4. that clause 7 of the original partnership shall be substituted by the following:
“that the profit /loss of the business shall be divided between and borne by Mr.____________ and Mr.___________ equally.”

that the scope of the original partnership deed shall be enhanced by way of insertion of the following clauses:

“that each partner shall be entitled to and will be paid interest at the rate of 18% p.a. on their respective capital employed by them.”

“that the partners shall be working partners shall work diligently to the best of their ability in the supreme interest of the partnership and none will show any negligence or lack of integrity and earnestness in the performance of the duties as a partner.”

“that the partners shall be paid a minimum salary of Rs.2000 per month for the services rendered to the firm which may be revised from time to time depending upon the profitability of the firm. They are also entitled to a bonus at the rate of 12% of their salary and commission for their sales promotion as mutually agreed between both the partners.”

“ that no partner shall engage himself in any business or trade which may directly or indirectly compete with the business of the firm.”

IN WITHNESS WHEREOF the parties hereto have signed this deed on the day and year first written above.

WITNESSES:
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