formationdeedregistration-160708180533.pptx

## Agreement Deed in Business: A Comprehensive Overview

### Introduction

An agreement deed, often referred to as a contract, is a fundamental document in the realm of business. It serves as a binding agreement between parties and delineates the terms and conditions under which the parties will operate. Agreement deeds are crucial in ensuring that all parties involved have a clear understanding of their obligations, rights, and responsibilities. This comprehensive overview explores the various aspects of agreement deeds in business, including their importance, key components, types, drafting process, and legal implications.

### Importance of Agreement Deeds in Business

1. **Clarity and Understanding**: One of the primary purposes of an agreement deed is to provide clarity and prevent misunderstandings. By clearly outlining the terms of the agreement, parties can avoid disputes and ensure that everyone is on the same page.

2. **Legal Protection**: An agreement deed serves as a legal document that can be used in court if disputes arise. It provides evidence of the terms agreed upon and can protect the interests of the parties involved.

3. **Conflict Resolution**: In the event of a disagreement, an agreement deed serves as a reference point. It outlines the procedures for resolving conflicts, which can help in mitigating disputes amicably.

4. **Accountability**: By specifying the responsibilities and obligations of each party, an agreement deed ensures accountability. Parties are more likely to fulfill their commitments when they are clearly defined.

5. **Facilitates Business Operations**: Agreement deeds can streamline business operations by setting clear guidelines and expectations. This can enhance efficiency and reduce the likelihood of operational disruptions.

### Key Components of an Agreement Deed

1. **Title and Introduction**: The title should clearly indicate that the document is an agreement deed. The introduction typically includes the date of the agreement, the names of the parties involved, and a brief description of the purpose of the agreement.

2. **Definitions**: To avoid ambiguity, it is essential to define key terms used in the agreement. This section ensures that all parties have a mutual understanding of important concepts.

3. **Recitals**: This section provides the background and context of the agreement. It explains the reasons why the parties are entering into the agreement and the objectives they aim to achieve.

4. **Terms and Conditions**: The core of the agreement deed, this section outlines the specific terms and conditions agreed upon by the parties. It includes details such as the scope of work, payment terms, deadlines, and deliverables.

5. **Obligations and Responsibilities**: This section specifies the duties and responsibilities of each party. It clearly delineates what is expected from each party to ensure the smooth execution of the agreement.

6. **Payment Terms**: If the agreement involves financial

1. PARTNERSHIP DEED

2. . Document containing terms & conditions of a partnership It is an agreement in writing signed by all the partners , duly stamped and registered . It defines rights , duties and obligations of partners and governs relations among them in the conduct of business affairs of the firm firm.

3. The deed must not contain any term, which is contrary to the provisions of the partnership act.

4. CONTENTS : Name of the firm & nature of business. The principal place of business. Names and addresses of partners . Amount of capital to be contributed by each partner. Amount, which can be drawn by each partner. Profit sharing ratio. Rate of interest, if any on capital and drawings.

5. Procedure for admission, retirement, etc of a partner. Procedure for maintaining accounts and getting them audited. Loans and advances by partners and rate of interest payable on them.

6. REGISTRATION OF PARTNERSHIP

7. Registration of partnership is not compulsory under law . The act provides that , if the partners so desire they may register the firm , with the Registrar of Firms of the state in which the principal office of the firm is situated .

8. PROCEDURE

9. Filing of Application Form Name of the firm Principal place of business Other places of firm’s business Names & addresses of partners Date of joining by each partner Duration of partnership (if any)

10. Signing of application form and verification by each partner Submission of the Form along with Registration fee to the Registrar Scrutiny by the Registrar, verifying that all legal formalities have been complied with Entry in the Register of firms

11. Issue of Certificate of Registration by the Registrar Any change in the information submitted at the time of registration , should be conveyed to the Registrar.

12. CONSEQUENCES OF NON-REGISTRATION

13. LIMITATIONS : Cannot enforce claims against a third party Cannot file suit against any of the partners Partners cannot file suit against the firm A partner cannot file a suit against other partners

14. Following rights shall remain in force : Sue for dissolution of the firm or for accounts of a dissolved firm or power to realise the property of a dissolved firm Power of an official assignee, to realise the property of an insolvent partner Right of a third party to sue the firm or its partners

15. Right to sue a third party for infringement of a patent right