Binding the Partnership Clause Samples

Binding the Partnership. Any action taken by a General Partner as general partner of the Partnership (and, when so required, with the Consent of the Partners or the Consent of the Limited Partners, as applicable) shall bind the Partnership and shall be deemed to be the action of the Partnership. The signature(s) of the General Partner on any agreement, contract, instrument or other document shall be sufficient to bind the Partnership in respect thereof and conclusively evidence the authority of such General Partner and the Partnership with respect thereto, and no third party need look to any other evidence or require joinder or consent of any other party. No Limited Partner other than one who is also a General Partner, and then only in his, her or its capacity as General Partner, shall participate in or have any control over the Partnership activities, except as required by law or except as otherwise specifically provided in this Agreement. The Limited Partners hereby consent to the exercise by the General Partner of the powers conferred upon it by this Agreement and to the employment, when, in the sole discretion of the General Partner, the same is deemed necessary or advisable, of such brokers, agents or attorneys as the General Partner may determine (notwithstanding that any parties to this Agreement may have an interest in, or be one of, such brokers, agents or attorneys, provided, however, that where the Limited Partners are involved, the terms and conditions of such employment shall be consistent with fair market value in arms-length transactions, and shall not be determined in a manner that takes into account the volume or value of any referrals or business otherwise generated to the Partnership or the Center by such Limited Partner). No Limited Partner (except one who may also be a General Partner, and then only in his, her or its capacity as General Partner) shall have any authority or right to act for or bind the Partnership. No Limited Partner shall participate in the control of the Partnership within the meaning of the Act.

Binding the Partnership. 11.1. Each Partner will have an equal say in the management of the Partnership. Furthermore, each Partnership shall have the authority to bind, or commit, the Partnership in contracts, financial, and other obligations. No Partner, however, may bind the Partnership in any agreement or incur debts in excess of $ , without express written consent of the other Partner(s).