A partnership agreement sets forth the terms and conditions that govern the relationship
between business partners and their obligations to the partnership. Without a written
partnership agreement, state law may determine the default rules as to the rights of
partners and how partnership assets and liabilities will be distributed. Depending on the
goals and purposes of the partnership, various provisions can be included in the
agreement detailing the rules that will govern the relationship between the partners and
what shall occur if specific contingencies arise. This partnership agreement article on
Attorney’s Fees may be inserted into a partnership agreement and can be modified
depending on the partners’ specific needs.
PARTNERSHIP AGREEMENT ARTICLE
RE: ATTORNEYS’ FEES
In the event of litigation or arbitration relating to the subject matter of this Partnership Agreement,
the prevailing party shall have the right to collect from the other party its reasonable costs and
necessary disbursements and attorneys' fees incurred in enforcing this Partnership Agreement.
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