first party having expressed a desire to retire from the partnership by mutual consent

WITNESSETH AS FOLLOWS:
Whereas the aforesaid parties were carrying on business in partnership under an
instrument of partnership the last of which is dated 15th October 2007 and whereas the
first party having expressed a desire to retire from the partnership by mutual consent, the
terms of retirement are hereby agreed to as follows:
1. Mr. X will retire from the partnership effective from close of business on 31st October,
2009.
2. The firm is free to continue the business with all its assets and liabilities and use the
same firm name with the remaining partners.
3. The accounts of the retiring partner is settled in accordance with the books of
accounts or be given a lump sum amount of Rs 20 lakhs whichever is less in full and
final settlement of his account.
4. The Retiring partner Mr. X hereby authorizes the continuing partners Mr. A and Mr. R
to collect all debts of the firm or realize or sell any assets of the firm including any
immovable property.
5. In consideration of monies received, the first party (X) hereby releases all his rights,
title and interest in the balance of assets of the firm including the goodwill.
6. The continuing partners A and R release the first party (X) of all debts and
obligations including taxes due from the firm as on the date of this deed to third
parties.
7. The parties hereby agree to execute such other document/s that may be necessary
to give effect to this Partnership Retirement Agreement.
WITNESS:
1. .............                                                             Signature of the First Party
2. .............                                                             Signature of the Second Party
3. ………….                                                         Signature of the Third Party