There are moments in an occasional business relationship where it is felt by the other Partners that a Named Partner is to be ejected from the Partnership. This is a serious business move. Your Lawyer and Accountant should be advising the Partners.
This Assignment of Interest and Release has a clause stating the reason for expulsion of the Partner, the compensation to be received for expulsion and an assignment of Rights amongst other clauses.
This Agreement is drafted in plain English that is easy to read and comprehend. This is a three page, eight clause with notarization legal Agreement. The Agreement may be filled in on your computer or printed out and filled in later.
We regularly receive feedback that we have successfully drafted our filmmaker contracts to be as complete as possible for all legal situations. However, should you experience a unique personal situation requiring the drafting of a special clause, please contact us at your convenience. Otherwise, you may be obliged to find a local entertainment lawyer experienced in the film making industry who will draft any and all other clauses for your Project’s unique situation or circumstance.
This Agreement is part of the Investor’s Deal.
$99.00
Partner being Expelled: ____________________________________________
(print names)
Date of Expulsion from Partnership: __________________________________
Original Partnership Name: ________________________________________
Date of Origin Partnership Agreement: _______________________________
Remaining Partners Names: _______________________________________
New Partnership Name: ___________________________________________
1. This Agreement is between the above named Partner being expelled from the Partnership (hereafter called the “Expelled Partner”), and the above named remaining partners (herein after called the “Remaining Partners”), to assign the Interests of the Expelled Partner and to Release the Expelled Partner from the Partnership.
2. The reason(s) for the expulsion of the Expelled Partner are detailed in Appendix “A” attached.
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual covenants and agreements herein contained and subject to the terms and conditions hereafter set out, the parties hereto agree as follows:
3. The Expelled Partner understands that she/he shall receive ______________ compensation for her/his share/interest in the Original Partnership at the Date of Expulsion.
4. The Expelled Partner further understand that by accepting this one time compensation and granting this permission the Expelled Partner is transferring the assets and liabilities of the Partnership to the Remaining Partners: and is irrevocably giving up all rights and claims to monetary compensation and or any other compensation of any kind now and for any future uses of the new Partnership or the Partnership Remaining Partners and/or future Partners, heirs, successors or assigns.
5. The Expelled Partner agrees that that she/he shall keep confident and will not disclose any information owned or licensed by and/or used by the Remaining Partners in connection . . . (continued)
