Common use of General Partner: Power and Authority Clause in Contracts

General Partner: Power and Authority. (a) The business and affairs of the Partnership shall be managed exclusively by the General Partner. The General Partner shall have the power and authority, on behalf of and in the name of the Partnership, to carry out any and all of the objects and purposes and exercise any and all of the powers of the Partnership and to perform all acts which it may deem necessary or advisable in connection therewith. The General Partner is not required to hold any interest in the Partnership. The Limited Partners, in their capacity as limited partners, shall have no part in the management of the Partnership and shall have no authority or right to act on behalf of or bind the Partnership in connection with any matter. The Partners agree that all determinations, decisions and actions made or taken by the General Partner in accordance with this Agreement shall be conclusive and absolutely binding upon the Partnership, the Partners and their respective successors, assigns and personal representatives.