Deed of Partnership

Whereby, in consideration of £30 from William [H.] Buckland to Richard Yardley (both of Coventry, watchcase-manufacturers), the business is henceforth formed called "Yardley and Buckland"; each partner will bring £150 to the business immediately, and will receive £5% p.a. interest for any more which he shall contribute; the capital will belong to the partners equally, each will have the customary journeyman's trade-price for his work, and they will divide the profits equally every 1st. Jan.; insurance-costs will be payable from the business; there will be no hiring or firing of employees without the partners' mutual consent; all fees will sink into the profits; each partner will have an account-book, and errors will be rectifiable within three months of notice being given of their discovery; the partners will keep good faith with each other; neither will trade with anyone whom the other partner has forbidden him to trust, nor will he deal with bankrupts, nor charge individual sureties upon the business without the other partner's consent, nor maintain a similar trade with a third party; either member may dissolve the partnership after five years, giving six calendar months' notice; if either partner die, the survivor shall adjust matters with the deceased's personal representatives and have the option of purchasing his share (jointly-evaluated) by four quarterly instalments reckoned from the dead man's demise (with interest at £5% p.a. thereafter) - if the surviving partner decline to buy that share, the accounts will be determined as if time alone had caused the end of the business; there will be a final settlement of accounts whenever the partnership ends, and the partners (or personal representatives) will share the debts equally; any disputes will be referred to arbitration in the normal way.