Supplementary Agreement Clauses
Supplementary Agreement is an agreement that modifies agreement by adding some conditions in previous agreement.
The following are some of the important clauses that need to be included in the Supplementary Agreement:
1. Details about the addition of new partners (if any)
2. Capital contribution of the new partner
3. Mode of the capital contribution made –either through cash, asset, or another form
4. Details regarding loss sharing ratio, profits, and others
5. Roles as well as the responsibilities of the new partner
6. Duties of the new partner