Partnership Deed

This agreement is made at Islamabad on the 14th day of October 2016.

AMONG
Mr. ----------------- son of ------------------ bearing CNIC No. resident of ------------------------,
(Herein referred to as the “First Party” which expression shall unless repugnant to the
context and meaning include its administration, assigns and representatives) of the first party;

Mr. ----------------- son of ------------------ bearing CNIC No. resident of

------------------------,

(Herein referred to as the “Second Party” which expression shall unless repugnant to the
context and meaning include its administration, assigns and representatives) of the second party.

And whereas both parties have considerable experience of trading, imports, exports, it is
therefore, hereby agreed between the parties to join hands and to form a partnership for the
purpose of trading, imports, exports and General Order Supplier.

Now henceforth it is mutually agreed between the parties as under:

1. Firm Name
That the name of the partnership firm shall be M/S SHOPPING 24 hereinafter referred to as
the FIRM.

2. Commencement
The partnership shall be deemed to commence on the date of execution of this deed of
partnership by the parties hereto and shall continue at the will of parties.

3. Place of business
The principal place of business of firm shall be at
---------------------------------------------------------------------.
The firm may however, carry out its business at any other place or places as may be mutually
agreed upon between the parties.
4. Nature of Business
The partnership firm will engage in the business of trading, imports, exports and General Order
Supplier.

5. Capital
The capital of the firm shall be Rs. -------------- (in words also).
If any addition in the capital is required for the effective working of partnership, it shall be
contributed equally. Balance of the capital shall be generated by selling the constructed
mall/plaza.

6. Share in the profit and loss

The partner shall be entitled to 50% (first party) and 50% (second party) in the profits earned and
loss suffered by the firm.

7. Books of Account
Proper, regular, full and true accounts of sales, purchases, receipts, transactions and dealings of
the firm shall be maintained and kept at the principal place of the business of the firm under the
direct supervision of partners. The partners shall have free access at all times without any
interruption or hindrance by any other to scrutinize, inspect and copy the same at their own
expense.

8. Bank Account
a) A bank account of the firm shall be opened immediately on the commencement of this
partnership in the name of partnership firm which shall be by the any party(s) singly or jointly.
b) The firm may open any number of accounts in the name of firm in any commercial bank in the
Pakistan, which shall be operated by the any party(s) singly or jointly.
c) All sums of money received by firm in cash or through negotiable instruments shall be
deposited in the same bank account.

9. Restriction
Neither party shall without the consent in writing of the other;
i. Carry or engage in directly or indirectly in any other identical or similar business, for which
the partnership is formed;

ii. Endorse, approve or accept any cheque, note or other negotiable instrument or stand as
surely for any loan or enter into any transaction harmful to the interest of this partnership;

iii. Transfer, assign, mortgage or charge his interest or share in the partnership;
iv. Appoint or dismiss any employee of the firm;

v. Compound, assign or release any debt due to the firm except upon payment in the full;

vi. Enter into any deal or transaction with any person, company or firm whom the other parties
to this deed shall previously have requested not to deal with, trust or transact business with;

vii. Create a financial obligation on the behalf of the partnership/firm.

10. Death
The death of a partner shall not result in the dissolution of the partnership. The legal heir/heirs of
the deceased partner shall continue to receive the profits accruing from the business to the extent
of the share of deceased partner but will not be expected to contribute towards losses unless they
are taken into in as the partner.

11. Retirement
If a partner elects to retire from the firm, he may give a notice thereof to the remaining partners
showing his intention to retire within a period of 03 (Three) Months. The share of the outgoing
partner shall be ascertained according to the terms of this deed and paid off out of the available
assets of the firm following such adjustments as to current expenditure as are mutually agreed
between the parties. Such retirement shall not operate as dissolution of the partnership. The
continuing partner(s) may induct new partner but so as not to prejudice the retiring partner.
Provided that the retiring partner shall not carry on a business competing with the business of the
firm for a period of two years nor use the firm’s name nor solicit any of the customers of the firm
for such period.

12. Incapacity
a) In the event that a partner becomes physically or mentally incapacitated to carry on the
business of partnership, he can nominate any person to work on his behalf and the partnership
continue to work as agreed.
b) Upon the termination of partnership, the disabled partner shall be entitled to his share of the
assets of the firm when the final assets and liabilities of the business are settled.

13. Inspection of Books of Account

All the books and accounts of the firm shall be open to inspection to any
retiring/disabled/deceased partner’s legal heirs of the partnership firm at all times.
14. Dissolution
In the event of dissolution of the firm an accurate inventory which shall include the goodwill of
the business shall be prepared by a manually appointed accountant and the accounts shall be
settled between the partners as follows:
a) Losses shall be applied firstly out of profits and then out of capital and lastly if need arises by
the parties themselves in term of clause 6 above of this partnership deed.
b) The assets of the firm, including any sums contributed by the partners to make up deficiencies
of the capital shall be settled as follows:
(i) Paying off of the debts of third parites;
(ii) Paying off to each partner rationally what is due to him from the firm for advances as
mentioned in the books of accounts;
(iii) Paying the partners rationally what is due to them on account of capital; and
(iv) The residue, if any, shall be divided among the partners in the proportion that they were
entitled to share the profits.

15. General
i. Both parties to this agreement solemnly undertake that they will work in complete harmony,
understanding and co-operation strictly as per set business norms and ethics.
ii. Both parties to this agreement herby undertakes that selection of the property for the
investment shall be made with the mutual consent after proper feasibility study to eliminate any
change of loss and to ensure good margin of profit. Once a property is selected and purchased for
the investment point of view, none of the partners will have to right to detain it in his name for
personal benefit. Nevertheless in case any of the partner desire to keep such property in his
name, he can do that with consent of other party and after assessing the market price of the said
property and after paying due share of profit to the other party.
iii. Both parties to this agreement hereby undertakes that while disposing any property being
purchased for business, all efforts shall be made to recover the actual invested amount in first
stage as well as to secure the property being purchased by paying its dues before spending the
earned amount of money in any other head.
iv. The first party covenants with the second party that if at the later stage second party desire to
make investment in the business he will be allowed to do so and respective shares of profit of
partners shall be reset/adjusted in terms of investment made by the second party.
v. Second party shall be responsible for the sale property/plaza/mall/farm houses at the set price
and terms as agreed mutually.
16. Arbitration
In the event that a dispute arises between the partners, the same shall be referred to a mutually
appointed arbitrator whose decision shall be final and binding on the parties concerned. In Case
partners failed appoint an arbitrator or arbitrator failed to resolve the matter to the satisfaction of
both parties, the provision of arbitrator act, 1940 will apply.

In the witness whereof the parties hereto sign this deed of partnership on the
day and year as above-mentioned.
Partners:
MESSERS A B C AND BROS MESSERS A B C AND BROS
CNIC # 61101-1111222-7 CNIC # 61101-1111222-7

WITNESSESS: 1.______________________ 2.________________________