The Partner Separation Agreement is essential when one or more partners decide to leave a partnership in Singapore. It provides a comprehensive framework for managing the separation process, ensuring compliance with Singapore's Partnership Act 1890 and related legislation. This document typically becomes necessary during partnership restructuring, retirement, or when partners choose to pursue different business directions. The agreement covers crucial aspects such as asset division, liability allocation, client relationships, confidentiality obligations, and potential restrictions on future business activities. It serves as a vital tool for minimizing disputes and ensuring a smooth transition while protecting the interests of all parties involved.
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1. Parties: Identification of all partners involved in the separation
2. Background: History of partnership and reasons for separation
3. Definitions: Key terms used throughout the agreement
4. Effective Date: Date when separation takes effect
5. Asset Division: Distribution of partnership assets
6. Liabilities Allocation: Distribution of partnership debts and obligations
7. Client Arrangements: Handling of existing client relationships
8. Confidentiality: Ongoing confidentiality obligations
9. Governing Law: Applicable law and jurisdiction
1. Non-Compete Provisions: Restrictions on future business activities - use when partners may compete in same market
2. Intellectual Property Rights: Division of IP assets - use when partnership owns significant IP
3. Employee Transfer: Arrangements for existing employees - use when partnership has employees
4. Earn-Out Provisions: Future payment arrangements based on performance - use when ongoing business value is uncertain
5. Dispute Resolution: Alternative dispute resolution procedures - use when parties want to avoid court proceedings
1. Asset Schedule: Detailed list of partnership assets and their allocation
2. Client List: List of clients and their allocation between partners
3. Financial Statements: Recent partnership financial statements
4. Liability Schedule: List of outstanding liabilities and their allocation
5. Employee Schedule: List of employees and their new arrangements
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