DEED OF INDEMNITY BY THE
PARTNER RETAINING ASSETS AND LIABILITIES TO A PARTNER ON THE DISSOLUTION OF THE
PARTNERSHIP FIRM
[CD1]
THIS DEED
of indemnity made at …………………on this………………… day of……………20 …………………between A son
of Shri………………… resident of………………… (hereinafter referred to as "A") of
the ONE PART and B son of Shri………………… resident of………… (hereinafter referred to
as "B") of the OTHER PART.
WHEREAS
(1)A
and B had entered into a partnership by a deed of partnership dated …………………to
carry on the business of………………… under the name and style of M/s ………………….
At………..
(2)Certain
disputes and differences arose between A and B and A and B decided to dissolve
the said partnership
(3)A
and B dissolved the said partnership with effect from vide Deed of Dissolution
dated
.............
(4)Under
the said dissolution deed, A has taken Rs…………………as his share, for which he had
issued receipt and discharged B of and from all his claims and every part
thereof in the assets of the partnership and B has retained the assets of the
partnership including goodwill, stock partnership in-trade valued at Rs
…………………. and has agreed to discharge the debts and liabilities of the
partnership valued at Rs . ................
(5)The
partners by a public notice dated …………………published in…………………and……… in their
issues dated………………… have notified about the dissolution of partnership and
vesting of assets and liabilities of the partnership in the said B from the
date of dissolution of the partnership
(6)The
said A has requested B to indemnify the said A from any claim which may be made
against him by the creditors of the partnership, to which B has agreed
NOW
THIS DEED WITNESSES THAT
(1)
in pursuance of the said
agreement and in consideration of the premises, the said B hereby agrees to
indemnify and keep indemnified the said A, his heirs successors or assigns from
and against all claims, demands, actions proceedings, losses, damages, recoveries,
judgments, costs, charges and expenses
which may be made or brought or commenced against the said A or his heirs,
successors or assigns or which the said A or his heirs, successors or assigns
may or may have to bear, pay, or suffer directly or indirectly on account of
the debts and liabilities of the said dissolved partnership for the period upto
the date of dissolution and thereafter.
(2)
The said B hereby covenants
that he shall pay the income-tax, sales tax in respect of the partnership
business upto the date of, dissolution, but A shall be liable to pay income-tax
on his income as a partner up to the date of dissolution of the partnership and
liability on hat account is not covered by indemnity herein contained.
IN WITNESS WHEREOF,
the parties hereto have signed these presents on the day, and year hereinabove
written
WITNESSES
1
Signed and delivered by the
within named A
2
Signed and delivered by the
within named B
[CD1]DEED OF INDEMNITY BY THE PARTNER RETAINING ASSETS AND
LIABILITIES TO A PARTNER ON THE DISSOLUTION OF THE PARTNERSHIP FIRM
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