Examples:
Example 1:
The definition of "Capital Contribution" as described in "Clause 27" will be amended by deleting the amount "$5,000 USD" and inserting the amount "$10,000" in place of the deleted text.
Example 2:
The Partnership Agreement will be amended by adding the following term:
a) The Managing Partner will not be liable to the remaining Partners for any action or failure to act resulting in loss or harm to the Partnership except in the case of gross negligence or willful misconduct.
Example 3:
The existing Partners agree to the removal of Tom Smith as a partner in the Partnership. Consideration in the amount of $10,000 USD will be provided to Tom Smith constituting the current balance of the Capital Account of the dissociated Partner. The Partnership will continue in full force and effect.
Example 4:
The existing Partners agree to the admission of Tom Smith as a new partner in the Partnership according to the following terms and conditions, and Tom Smith agrees to become a Partner according to the following terms and conditions:
a) On Payment of $5,000 USD by the new partner Tom Smith into a capital account under the name of Tom Smith, and
b) On confirmation of a satisfactory credit rating of the new partner Tom Smith.