Partnership Buyout Agreement

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PARTNERSHIP BUYOUT AGREEMENT

This Partnership Buyout Agreement (the "Agreement") is made and entered into this {{day}} day of {{month}}, {{year}}, by and among:

{{Partner_1_Name}}, residing at {{Partner_1_Address}} (the "Exiting Partner"), and

{{Partner_2_Name}}, residing at {{Partner_2_Address}} (the "Remaining Partner(s)"), and

{{Partnership_Name}}, a partnership having its principal place of business at {{Partnership_Address}} (the "Partnership").

RECITALS

WHEREAS, the Exiting Partner, Remaining Partner(s), and Partnership are parties to a Partnership Agreement dated {{Original_Partnership_Agreement_Date}} (the "Original Partnership Agreement"); and

WHEREAS, the Exiting Partner desires to sell and transfer all of their interest in the Partnership to the Remaining Partner(s) and/or the Partnership, and the Remaining Partner(s) and/or the Partnership desire to purchase such interest, all in accordance with the terms and conditions hereinafter set forth.

1. SALE AND PURCHASE OF PARTNERSHIP INTEREST

1.1. The Exiting Partner hereby sells, assigns, and transfers to the {{Purchasing_Party}} (the "Purchaser"), and the Purchaser hereby purchases from the Exiting Partner, all of the Exiting Partner's {{Percentage_Interest}} percent ({{Percentage_Interest}}%) interest in the Partnership, including all capital accounts, profits, losses, and distributions related thereto (the "Partnership Interest").

2. PURCHASE PRICE AND PAYMENT TERMS

2.1. The total purchase price for the Partnership Interest shall be {{Currency}} {{Amount_in_Words}} ({{Amount_in_Figures}}).

2.2. The purchase price shall be paid by the Purchaser to the Exiting Partner as follows:

(a) An initial payment of {{Currency}} {{Initial_Payment_Amount_in_Words}} ({{Initial_Payment_Amount_in_Figures}}) upon the signing of this Agreement.

(b) The balance of {{Currency}} {{Remaining_Balance_Amount_in_Words}} ({{Remaining_Balance_Amount_in_Figures}}) shall be paid in {{Number_of_Installments}} monthly installments of {{Currency}} {{Installment_Amount_in_Words}} ({{Installment_Amount_in_Figures}}) each, commencing on {{First_Installment_Date}} and continuing on the {{Day_of_Month}} day of each subsequent month until fully paid. Each installment shall be subject to an interest rate of {{Interest_Rate}}% per annum.

(c) Payments shall be made by {{Payment_Method}} to the Exiting Partner's designated bank account: {{Bank_Name}}, Account Number: {{Account_Number}}, Branch Code: {{Branch_Code}}.

3. REPRESENTATIONS AND WARRANTIES OF EXITING PARTNER

3.1. The Exiting Partner represents and warrants that they are the sole and rightful owner of the Partnership Interest, free and clear of all liens, encumbrances, and adverse claims.

3.2. The Exiting Partner has full power and authority to enter into this Agreement and to carry out the transactions contemplated herein.

3.3. All financial information provided by the Exiting Partner regarding the Partnership is true and accurate to the best of their knowledge.

4. COVENANTS OF EXITING PARTNER

4.1. The Exiting Partner agrees to promptly execute and deliver all further documents and instruments necessary to effectuate the transfer of the Partnership Interest.

4.2. For a period of {{Non_Compete_Period}} from the Effective Date of this Agreement, the Exiting Partner shall not directly or indirectly engage in any business competitive with the Partnership within a {{Geographic_Restriction_Area}} radius of the Partnership's principal place of business.

5. INDEMNIFICATION

5.1. The Exiting Partner agrees to indemnify and hold harmless the Purchaser and the Partnership from and against any and all liabilities, costs, damages, and expenses whatsoever arising from or relating to the Exiting Partner's actions or omissions prior to the Effective Date of this Agreement, excluding those liabilities expressly assumed by the Purchaser hereunder.

6. GOVERNING LAW AND DISPUTE RESOLUTION

6.1. This Agreement shall be governed by and construed in accordance with the laws of {{Jurisdiction}}.

6.2. Any dispute, controversy, or claim arising out of or relating to this Agreement, or the breach, termination, or invalidity thereof, shall be settled by arbitration in accordance with the rules of the {{Arbitration_Body}}.

7. ENTIRE AGREEMENT

7.1. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

8. SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Partnership Buyout Agreement as of the date first written above.

_____________________________

{{Exiting_Partner_Name}}

Exiting Partner

_____________________________

{{Remaining_Partner_Name}}

Remaining Partner(s)

_____________________________

{{Partnership_Name}}

Represented by: {{Authorised_Signatory_Name}}

Title: {{Authorised_Signatory_Title}}

WITNESSES:

1. Name: _____________________

Signature: __________________

Date: _____________________