RETIREMENT DEED

                                                            M/S ABC & Co.

This deed of Retirement is made on this day of ….. …….. 20… at ………….. amongst :

1. Sh. ………….. S/o Sh. ……………., about ….. years of age, a resident of ………., here
in after called the party of 1st Part.

2. Sh. ……………S/o Sh. ……………., about …. years of age, a resident of ……….., here
in after called the party of 2nd part.

3. Sh. …………… S/o Sh………..., about 50 years of age, a resident of ………, here in
after called the party of 3rd part.

Whereas the said parties have been carrying on the business under the name of “M/S
ABC & CO.” in the terms of partnership deed dated …………...
And whereas the party of 3rd part ( i.e. Sh………….) has agreed to retire from the said
partnership firm w.e.f. ……….., 20… and parties of 1st & 2nd parts have agreed to continue
the business on the terms & conditions mentioned hereinafter.
NOW THIS DEED OF RETIREMENT WITNESSES AS UNDER:
1. That parties of 3rd part (i.e. Sh. ……………….) shall retire from the firm w.e.f.
……………..
2. That an account has been taken of the State of Affairs of firm as on ……… (date of
retirement), which has been mutually settled & now there is no dispute regarding
accounts of the firm.
3. That balance standing to the credit of the retiring partner (i.e. Sh. …………….) shall be
discharged by the continuing partner in due course of time.
4. That the continuing parties of 1st & 2nd parts (Sh. ………… & Sh. …………) have taken
over the partnership business on the basis of Balance Sheet prepared as on
………………(date of retirement) and henceforth all the assets & Liabilities of
partnership firm shall belong to the said continuing parties of 1st & 2nd parts.
5. That the retiring party of 3rd part (i.e. Sh. …………….) shall have no right upon the future
Profits of the firm.
6. That the continuing parties of 1st & 2nd parts (Sh. …………. & ……………)shall be
entitled to carry on the business in the name of the firm but the retiring party of (3rd part)
shall not be entitled to carry on the business in the name of this firm.
7. That the continuing parties of 1st & 2nd parts shall enjoy the exclusive rights towards
Goodwill, Licences, Land, Building, Sheller & other assets of the firm and will be at
liberty to take in any person or persons as partner in the firm in future.
8. That the retiring partner of (3rd part) shall be liable for all taxes & penalties and entitled
to Refunds up to ……………… (date of retirement) in their profit sharing ratio.
9. That continuing parties (1st & 2nd part) shall be responsible to get complete all kinds of
pending cases.
10. In case any dispute between the parties, the same shall be referred to Arbitration.
11. That the parties of (1st , 2nd & 3rd part) to this agreement shall sign, execute and do
all such further documents, deeds acts & things as the other party may reasonable
require for completely effectuating this Agreement, In case retiring party of 3rd part (i.e.
Sh. …………….) do any such act or thing by which the continuing part of 1st & 2nd
parts (i.e. Sh. …………. & Sh…………….) suffer any loss, he (Sh………………(retiring
partner) will be liable to compensate the continuing parties of 1st and 2nd part.
In witness whereof, the parties hereto have set forth their signatures on this day
………………. (date of retirement) in the presence of following witnesses:
RETIRING PARTIES:                                                                    CONTINUING PARTIES:

1 __________________                                                                 1 __________________


                                                                                                        2. __________________
WITNESSES :
I _____________________

II ______________________

III______________________