Dissolution of the Clause Samples
The "Dissolution of the" clause establishes the terms and procedures for formally ending or winding up an entity, such as a partnership, corporation, or agreement. Typically, this clause outlines the specific events or conditions that trigger dissolution, the steps required to notify relevant parties, and the process for distributing assets or settling obligations. Its core practical function is to provide a clear and orderly framework for concluding the entity's affairs, thereby minimizing disputes and ensuring all parties understand their rights and responsibilities during dissolution.
Dissolution of the. Lease agreement due to malpractice: - If one of the Parties commits a breach of one of the provisions of the Lease agreement, the other Party will be entitled to terminate the Lease agreement immediately, without any compensation and without judicial intervention, at the expense of the defaulting Party, if the defaulting Party does not put an end to the breach within a period of ten working days following a notice describing the breach and sent by registered letter to the other Party. The period of ten working days starts from the date on the postmark of the notice of default. If the same Party commits the same breach within the three months following the expiry of the aforementioned period of ten working days, the other Party may still terminate the Lease agreement in accordance with the aforementioned, but without further notice of default and without the opportunity for the defaulting Party to remedy the breach. - If the Lessee's movable and/or immovable property is seized and the Lessee fails to pay for at least one Lease period (on time), if the Vehicle is seized or confiscated, or if the Vehicle is otherwise requisitioned by the government, and the Lessee fails to remedy this within ten working days after a written notice of default by DirectLease sent to the Lessee by registered letter. - If the security provided by the Lessee, its co-debtors or collateral is affected or withdrawn in any way and the Lessee fails to remedy this within ten working days after a written notice of default by DirectLease sent by registered letter to the Lessee. - If the Vehicle covers more than 180,000 km (diesel) or 160,000 km (petrol, other) during the term of the Lease agreement. - In the event that the Lessee causes more than three claims that are not recoverable from third parties during the term of the Lease agreement with over €2,500 of costs per claim. - If the Civil Liability insurer no longer wishes to insure the Vehicle, for example because the Vehicle often causes damage to others. - In the event that the Lessee uses the Vehicle or allows someone to use the Vehicle for a purpose other than that for which it is intended. - In the event of a total loss of the Vehicle and if DirectLease, for whatever reason, is not reimbursed by an insurance or if DirectLease can invoke the non-application of the Own Damage Service.
Dissolution of the. Firm In the event of the Firm’s dissolution, all liabilities are to be paid off and all remaining assets are to be divided amongst partners as per the Profit and Loss sharing ratio. IN WITNESS whereof the said parties have thereto signed on the day, month, year above written. x y WITNESSED BY: 1. ……………………………. 2. ……………………………….. Drafted by ▇▇▇▇▇▇▇ ▇▇▇▇▇ LL.B. (Hon’s), LL.M. (DU) Advocate Supreme Court of Bangladesh Corporate Lawyer & Legal adviser Chamber- Badsha Plaza, ▇▇, ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇. Mobile: 01710065033 PARTNERSHIP BUSINESS IN BANGLADESHA partnership is a type of business structure where two or more partners start an entity to do business. For a partnership to exist, there must always be two or more partners.A Partnership is defined by the Partnership Act, 1932, (the “Partnership Act”) as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. This definition gives three minimum requirements to constitute a partnership:The individuals who wish to form a partnership must enter into a verbal or written agreement.The purpose of the agreement must be to divide the profits from the business that will be conducted by the partnership, andThe business must be operated by all of the partners or by one of them acting on their behalf.The Partnership Act does not define the term “person.”There are no penalties for failing to register your partnership, so registration is not required. However, it is recommended as the following rights are denied to unregistered businesses:The Partnership Act prohibits a partner from bringing a lawsuit against the firm or other partners to enforce any contractual or statutory right.A contractual right cannot be enforced in court by or on behalf of your company against a third ▇▇▇▇▇.▇▇ addition, neither the firm nor any of its partners may assert a set-off (i.e., the mutual adjustment of debts owed by disputing parties to one another) or other proceedings in a dispute with a third party.PARTNERSHIP BUSINESS IN BANGLADESH QUICK FACTSIn Bangladesh, a registered partnership is the only way to establish a separate legal identity (i.e. separate from its owners) for liability purposes.All partners of a partnership are jointly and severally liable for the partnership’s ▇▇▇▇▇▇▇▇▇.▇▇ Bangladesh, the concept of Limited Liability Partnership does not exist.TAXATION in Partnership Business in Bangladesh: Tax-wise, partnership business in Bangladesh are n...
Dissolution of the. Firm In the event of the Firm’s dissolution, all liabilities are to be paid off and all remaining assets are to be divided amongst partners as per the Profit and Loss sharing ratio. IN WITNESS whereof the said parties have thereto signed on the day, month, year above written.
Dissolution of the. Silent Partnership
1. The Silent Partnership shall be dissolved in the event that the YTC is liquidated.
2. (S) 3, Section 3 and (S) 8, Section 4 shall be applicable also in this event.
Dissolution of the. UCITS and its unit classes Art. 17 In general The provisions relating to the dissolution of the UCITS are also applicable to its unit classes.
Dissolution of the. TRUST 17.1 The Trustee shall, at the request of Royal Dutch Shell, BG and STT, acting jointly, dissolve the Trust provided that, subject to clause 17.2, dissolution shall not occur for so long as there remains Trust Property in respect of which the time period in clause 16.2 has not expired.