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Partnership Agreement Article Re: Failure to Make Initial Contribution

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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 Partners’ Duty of Good Faith and Fair Dealing may be inserted into a partnership agreement and can be modified depending on the partners’ specific needs.

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