Scribd
Upload
711 views2 pages

The Republic of Uganda in A Matter of The Contracts Act No 1 of 2010 in A Matter of Business Partnership Agreement Between

The document outlines a business partnership agreement between Waitalo Sowali and Abdool Aziz Mohamed Farouk. It states that Farouk will provide 30 million Ugandan shillings in capital and Sowali will manage the business. Sowali guarantees to pay Farouk 3.5 million shillings monthly profit and assumes all liabilities. The agreement will continue until either party provides one month written notice of termination, at which point Sowali must return the original capital and any outstanding payments.

Uploaded by

Isaac Afunaduula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
711 views2 pages

The Republic of Uganda in A Matter of The Contracts Act No 1 of 2010 in A Matter of Business Partnership Agreement Between

The document outlines a business partnership agreement between Waitalo Sowali and Abdool Aziz Mohamed Farouk. It states that Farouk will provide 30 million Ugandan shillings in capital and Sowali will manage the business. Sowali guarantees to pay Farouk 3.5 million shillings monthly profit and assumes all liabilities. The agreement will continue until either party provides one month written notice of termination, at which point Sowali must return the original capital and any outstanding payments.

Uploaded by

Isaac Afunaduula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

THE REPUBLIC OF UGANDA

IN A MATTER OF THE CONTRACTS ACT NO 1 OF 2010

IN A MATTER OF BUSINESS PARTNERSHIP AGREEMENT

BETWEEN
WAITALO SOWALI (herein after referred to as the first party, which
expression includes all legatees, transferees, legal representatives or
beneficiaries) on one part.

And

ABDOOL AZIZ MOHAMED FAROUK of Mamerito Road, Kira


(herein after referred to as the second party, which expression includes all
legatees, transferees, legal representatives or beneficiaries).

WHEREAS the parties are desirous of jointly running a business


partnership together, it is hereby agreed as follows.

1. CONSIDERATION

a) The second party shall capitalize the partnership venture with


30,000,000(thirty Million shillings) and the first party shall manage
and run the business.

b) The second party shall be paid a profit of 3,500,000 (three million,


five hundred thousand shillings only) monthly, or by 30th day of each
month.

c) Any sums due to the second party shall be paid to him directly or by
any order in writing officially communicated to the first party.

d) The said amount shall be provided at once and by the signing of


these presents, the parties confirm that the said sum has been
provided by the second party and received by the first party.

2. Security, Guarantees and undertakings

a) The parties undertake to act in a fiduciary manner between them


for the betterment of the business venture.
b) The first party guarantees that the business shall be run and
managed to the best of his ability and skill to ensure that it remains
operational and profitable at all times.

c) The first party undertakes to pay the said 3,500,000 (Three


million five hundred thousand only) to the second party at the
end of each monthly running period.

3. Liability

a) The parties agree that the second party shall only provide the
finances and shall not be involved in the operational activities
of the business

b) All liabilities, losses shall be borne by the first Party, who shall
indemnify the second party if at all needed.

4. Duration/Termination

a) The partnership in this venture shall continue running until


either party decides to terminate it.

b) In case of termination by the parties, 1(one month’s) notice


shall be given, both in writing and orally to the other party.

c) Upon termination, the first party shall hand over the capital
sum of Ugx 30,000,000 (thirty Million Shillings) in full, plus
any outstanding payments due to the second party.

Signed this ……………. day of …………..2021 at Kampala

1. …………………………….. ……………………………………

(First Party)

2. …………………………….. ……………………………………

(Second Party )

BEFORE ME

…………………………….

ADVOCATE

You might also like