An Addendum To Partnership Agreement is utilized when existing partners need to modify their original partnership arrangement under Singapore law. This document is essential when implementing changes such as admitting new partners, adjusting profit-sharing ratios, modifying management rights, or updating capital contribution requirements. It ensures compliance with Singapore's Partnership Act and maintains legal continuity while incorporating necessary changes to the partnership structure. The addendum becomes an integral part of the original agreement, with all unmodified terms remaining in full force and effect.
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Key Requirements PROMPT example:
Addendum To Partnership Agreement
"I need an Addendum To Partnership Agreement to add two new partners to our consulting firm and modify the profit-sharing arrangement, with the changes to take effect from March 1, 2025, under Singapore law."
1. Parties: Identification of all parties to the addendum including existing and any new partners
2. Background: Reference to original partnership agreement, date of execution, and reason for the addendum
3. Definitions: Key terms used in the addendum and any modifications to original definitions
4. Amendments: Specific modifications to the original agreement, clearly stating which clauses are being modified
5. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain in full force and effect
6. Execution: Signature blocks and execution details for all parties
1. Additional Partners: Section detailing the admission of new partners, their rights, obligations, and capital contributions
2. Capital Contributions: Section specifying changes to partnership capital structure and partner investments
3. Profit Sharing: Modifications to profit and loss distribution arrangements between partners
4. Management Rights: Changes to management structure, voting rights, or decision-making processes
1. Schedule of Amendments: Detailed list of specific clauses being modified with original and new text
2. Updated Partner Information: Complete details of all partners including contact information and ownership percentages
3. Revised Capital Contributions: Updated schedule showing all partner investments and capital account balances
4. Consent Documents: Copies of any required third-party consents, regulatory approvals, or supporting documentation
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