General Dissolution Clause Samples
The General Dissolution clause outlines the conditions and procedures under which a partnership, company, or agreement may be formally ended. Typically, this clause specifies the events that can trigger dissolution, such as mutual agreement, expiration of a term, or occurrence of certain events, and details the steps for winding up affairs, distributing assets, and settling liabilities. Its core practical function is to provide a clear and orderly process for terminating the relationship or entity, thereby minimizing disputes and ensuring all parties understand their rights and obligations upon dissolution.
General Dissolution. The Joint Venture will be terminated and dissolved upon the unanimous resolution of the Board of Directors and Shareholders.
General Dissolution. Upon the general dissolution of the Partnership the assets of the Partnership shall be sold or realised as soon as practicable and the proceeds applied in the following manner:
34.2.1 first, in paying and discharging the debts and liabilities of the Partnership and the expenses of and incidental to the winding up of the affairs of the Partnership any deficiency being contributed rateably by the Partners in the proportions in which they share profits immediately prior to the dissolution;
34.2.2 second, in paying to those Partners, who have made advances, the amount of such advances (together with any interest accrued on same up to the date of dissolution) and as between such Partners rateably according to the total of such advances, any deficiency being contributed rateably by the Partners in the proportions in which they shares profits immediately prior to the dissolution;
34.2.3 third, in repaying to the Partners rateably what is due to them in respect of capital; and
34.2.4 last, in paying any surplus to the Partners in the proportions in which they share profits immediately prior to dissolution.
General Dissolution. MCOA Lynwood will be terminated and dissolved upon the unanimous resolution of the Board of Directors and Shareholders.
General Dissolution. The Joint Venture will be terminated and dissolved upon request of either Party, at any time for any or no reason.