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Partnership Exit Agreement

Partnership Exit Agreement Template for United Arab Emirates

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Partnership Exit Agreement Template

I need a Partnership Exit Agreement Template for a three-partner technology consulting firm in Dubai, where one founding partner is leaving amicably by March 2025, taking their client relationships but agreeing to a one-year non-compete within the UAE.

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Document background
The Partnership Exit Agreement Template is a vital legal instrument designed for use in the United Arab Emirates when a partner wishes to or is required to exit a business partnership. This template is structured in accordance with UAE Federal Law No. 32 of 2021 (Commercial Companies Law) and other relevant UAE regulations, making it suitable for partnerships registered both in mainland UAE and free zones. The document provides a comprehensive framework for managing the exit process, including detailed provisions for financial settlements, transfer of ownership interests, confidentiality obligations, and non-compete restrictions where applicable. It addresses key aspects such as valuation methodologies, payment terms, and ongoing obligations, while incorporating specific UAE legal requirements and local business practices. The template is designed to be customizable while maintaining compliance with UAE law, helping businesses minimize potential disputes and ensure a smooth transition during partner exits.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including the exiting partner, remaining partners, and the partnership entity

2. Background: Context of the partnership, reason for exit, and reference to original partnership agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Effective Date: Specification of when the exit becomes effective

5. Exit Terms: Core terms of the partner's exit, including resignation/removal from management positions

6. Financial Settlement: Details of the financial settlement, including valuation method and payment terms

7. Transfer of Interests: Process and terms for transferring the exiting partner's ownership interest

8. Release and Discharge: Mutual release of claims and liabilities between parties

9. Confidentiality: Ongoing obligations regarding confidential information

10. Representations and Warranties: Standard representations and warranties from all parties

11. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement

Optional Sections

1. Non-Compete Obligations: Restrictions on the exiting partner's future business activities, used when protecting business interests is crucial

2. Intellectual Property Rights: Allocation of IP rights, used when the partnership involves significant IP assets

3. Employee Matters: Handling of employees and related liabilities, used when exit affects employment relationships

4. Tax Provisions: Specific tax-related obligations and allocations, used when exit has significant tax implications

5. Ongoing Projects: Handling of incomplete projects or contracts, used when exit affects ongoing business operations

6. Client Relationships: Management of client relationships post-exit, used in service-based partnerships

7. Dispute Resolution: Specific dispute resolution mechanisms, used when standard court jurisdiction is not preferred

8. Transition Services: Terms for temporary services provided by exiting partner, used when smooth transition requires continued involvement

Suggested Schedules

1. Schedule 1 - Partnership Interests: Detailed breakdown of current partnership interests and ownership structure

2. Schedule 2 - Valuation Report: Independent valuation of the exiting partner's interest

3. Schedule 3 - Payment Schedule: Detailed payment terms and installment schedule if applicable

4. Schedule 4 - Assets and Liabilities: List of assets and liabilities affecting the exit settlement

5. Schedule 5 - Ongoing Obligations: List of continuing obligations and their handling

6. Appendix A - Required Notices: Forms of notices required for regulatory compliance

7. Appendix B - Transfer Documents: Forms of transfer documents required to effect the exit

8. Appendix C - Release Forms: Standard forms for mutual releases and discharges

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
























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Relevant Industries

Professional Services

Real Estate

Construction

Trading

Manufacturing

Technology

Healthcare

Retail

Hospitality

Financial Services

Consulting

Media and Entertainment

Education

Transportation and Logistics

Relevant Teams

Legal

Finance

Compliance

Corporate Governance

Risk Management

Operations

Business Development

Human Resources

Company Secretariat

Board of Directors

Relevant Roles

Managing Partner

CEO

Legal Director

Chief Financial Officer

Corporate Secretary

Business Development Director

Operations Manager

Compliance Officer

Risk Manager

Partnership Manager

General Counsel

Finance Director

Company Secretary

Board Member

Managing Director

Industries








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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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