This document is a clause which can be inserted into an existing partnership agreement. It is important to clarify in the partnership agreement the nature of the work to be carried out by each partner on behalf of the partnership and to set out their roles, management or otherwise, at the outset so that there can be no dispute later on. Using this precedent This is a general clause which can be inserted into a partnership agreement. This clause can also be inserted to clarify the roles of various partners in the separate precedent “Partnership agreement (short form, general)”. When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.
This document has been authored for LexisNexis by Elise Margow, Principal, Legally Speaking.
This document is prepared with the assistance of Specialist Editor Stephen Newman, Executive Counsel, Ponte Earle.