One of my client Mr.A wants to make a contract with a company namely XYZ a partnership firm,
under the contract, MR A WILL PERFORM ALL THE TECHNICAL ASPECTS MAINLY SUPERVISION, MAINTENANCE PROJECT COMPLETION OF A CONSTRUCTION PROJECT GAINED BY XYZ (PARTNERSHIP FIRM), ALL THE EXPENSES AND FINANCE WOULD BE PROVIDED BY XYZ.
MR. A WILL GET A SHARE OF PROFIT IN THE PROJECT.
MY QUERY IS WHAT LEGAL DOCUMENT CAN BE EXECUTED TO BIND BOTH THE PARTIES TO PERFORM THERE DUTIES LEGALLY AND IN TIME. A DOCUMENT WHEREIN EACH PARTY HAVE A RIGHT TO APPROACH THE COURT OF LAW IN CASE OF ANY DISPUTE.
THANKS IN ADVANCE
THANKS & REGARDS
Hi, you can prepare a MOU ( memorandum of understanding ) between the parties and get it registered .. The contents can be discused , while drafting the MOU .. We can put a clause of arbitration or legal remedy through court if any party violates the terms of MOU.. kindly contact to proceed further .. Regards , ADV. HEMANT CHAUDHARY , GURGAON PH :- 9654062181
As per your query, you are suppose to register the Memorandam of Agreement before the Registrar of Firms. what ever terms specifically you are saying, it should be mentioned as a clause in the deed of partnership firm. The time period for the transcation should be specifically mentioned, if no time is specified for work done, it can be mentioned as Partnership At Will. Basing on the terms you specify it will bind the firm. All the disputes will be subject to Indian Partnership Act 1932.
FIND IN PARTNERSHIP DEED LAST CLAUSE : PARTNERSHI AT WILL" IF IT IS THERE THERE IS A CHANCE TO CANCEL THE PARTNERSHIP. SO NOW NEW AGREEMENT OF PARTNERSHIP CAME IS CALLED :"L.L.P (LIMITED LIABILITY PARTNERSHIP" SO YOU CONTACT INCOMETAX AUDITOR TAKE ADVICE FINAL STEP ADVOCATE. REMEMBER 1ST EVERY YOUR RS. 100/- EARNING THERE ARE SHARE HOLDERS LAWYERS, DOCTORS, PHOTOSTATE, TRAVELLING TO THE EXTENT OF 50% REST 50 ONLY YOURS.