DIY Legal Forms

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General Partners Fidelity Bond Provision

Each General Partner will obtain and keep in force a fidelity bond of ........ dollars ($........) with an insurance company acceptable to a majority of the other General Partners. The cost of obtaining and maintaining such bond will be paid by the partnership (Partnership). The bond must provide for payment to Partnership for (1) willful failure, gross negligence, or negligent failure to perform the duties imposed on the General Partner by this Agreement or (2) defalcation or embezzlement by the General Partner.