Fill and Sign the Sale Bill Form

Sale of Deceased Partner's Interest to Surviving Partner in the form of a Purchase Agreement and Bill of Sale Agreement made on the ___ day of __________, 20___, between Executor of the Estate of ____________ , referred to herein as Estate, and ________________ , surviving partner of the partnership of ________________________ . Whereas, under Articles of Partnership dated the ___ day of ________, 19___, ___________________, now deceased, and __________________ became partners in the business of (describe nature of business) ___________________________________ under the firm name of _________________ , with the principal place of business located at ____________________________________ (street address, city, county, state, zip code); and Whereas, _________________ died on _______ (date), and _______________ was appointed as the Administrator of the Estate of ___________________ by the _______________ (name of probate court) ; and Whereas, Letters of Administration were issued to _______________ on the ____ day of _________, 20___; and Whereas this Agreement was approved by _________________________ (name of probate court) by Order dated ___________ (day); and Whereas, _________________ , as surviving Partner of _______________ , desires to purchase the interest of _______________ in the assets of the Partnership, and a valuation of the assets has been made and agreed on between the Administrator and ______________ for $______________; Now, therefore, in consideration of the matters described above, and of the mutual benefits and obligations set forth in this Agreement, the Parties agree as follows: A. ______________________ will pay to the Estate $_____________ as follows: $___________ in cash on or before __________ (date) , and the balance in monthly installments of $___________ due on the first day of each successive month until the whole amount is paid, the last of which shall become due on __________ (date) . B. _________________, as Administrator of the Estate of ______________ , does hereby sell and assign to ______________________ all assets of _______________ owned by _________________ at the time of his death. C. ____________________ , as Administrator of the Estate of ___________ , does hereby grant and assign to _________________ the right to demand and receive the Partnership credits and effects and to give receipts on discharges for the same. D. _____________________, as Administrator of the Estate of _________________________ , confirms any and all actions that _________________ shall lawfully do or cause to be done and said Administrator will not receive or discharge any of the Partnership credits, or interfere with actions brought by _________________ with respect to the assignment and sale of said Partnership interest. E. _______________________ agrees to pay all bills or debts due by the former Partnership to date and to indemnify the Administrator against any costs or damages for or on account of the Partnership business. F. ___________________, as Administrator, agrees to permit ____________ to continue the use of the present firm name of _____________. G. Any dispute under this Agreement shall be required to be resolved by binding arbitration of the Parties hereto. If the Parties cannot agree on an arbitrator, each Party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. WITNESS our signatures as of the day and date first above stated. _____________________________ ___________________________ (Name of Administrator) (Name of Partner)