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Submission Of Partnership Disputes To Arbitration
1. Parties. The undersigned are all of the Partners in a General Partnership created by an agreement dated [date], and doing business under the name [name] in [county, state].
2. Dispute. The parties wish to dissolve the Partnership. However, they are unable to agree on the final settlement of accounts and other matters relating to the dissolution.
3. Matters Submitted to Arbitration. To parties agree to submit to arbitration the following matters and issues:
a. The date of cessation of the Partnership's business.
b. The valuation of goodwill of the Partnership;
c. The valuation of assets of the Partnership;
d. The distribution of assets of the Partnership in-kind;
e. The time and method of payment of the Partners' debts to the Partnership;
f. The Parties' right to compete after dissolution of the Partnership;
[other applicable issues]
4. Place and Manner. The matters and issues submitted to arbitration under this Agreement shall be arbitrated in [court, state], in accordance with the rules then in effect of the American Arbitration Association.
5. Final Award. The decision rendered by the Arbitrator under this agreement is final and binding on the parties. Court judgment may be entered on the Arbitrator's decision in any court having jurisdiction.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____