# BUSINESS PARTNER BUYOUT AGREEMENT
Date: 1 June 2029
Parties: Harbour & Reed Design Partnership, Maya Harbour and Oliver Reed
## 1. Parties and purpose
Harbour & Reed Design Partnership, a partnership carried on from 3 King Street, Bristol BS1 4EF, and its partners Maya Harbour and Oliver Reed agree that Oliver retires and Maya continues the business through Harbour & Reed Design Ltd. The retirement takes effect at completion on 1 June 2029, subject to the partnership agreement and accounts.
## 2. Scope, price and subject
The agreed value of Oliver’s 40% interest is £240,000, based on the accounts to 31 March 2029, adjusted for work in progress, cash and specified liabilities. Maya pays £60,000 at completion and ten quarterly instalments of £18,000, with interest at 3% per year. The instalments accelerate on insolvency or two missed payments after notice.
## 3. Operating duties
At completion Oliver transfers his partnership interest, goodwill connected with the trading name, client handover materials and the domain credentials listed in Schedule 2. Maya assumes the business debts identified in the completion statement; Oliver remains liable for pre-retirement tax and undisclosed liabilities to the extent the law does not release him.
## 4. Compliance, records and controls
Each partner warrants authority, accurate disclosure of known liabilities and that no side agreement affects the interest. Maya gives Oliver a release for known partnership claims up to completion, and Oliver gives Maya and the continuing business a reciprocal release, excluding fraud, deliberate concealment, tax liabilities and enforcement of this agreement.
## 5. Term, ending and remedies
Oliver provides six months of reasonable handover, introduces key clients and does not hold himself out as the continuing partner. For 12 months he must not solicit clients with whom he had material dealings or poach listed staff within the Bristol travel-to-work area; the restrictions are severable and limited to protecting goodwill.
## 6. Liability and reservations
The parties will obtain tax advice on retirement relief, capital gains, VAT and allocation of consideration; no party promises a tax treatment. A disputed instalment is referred to an independent chartered accountant for determination, while undisputed sums remain payable. Termination of the instalment schedule does not unwind the completed retirement.
## 7. Governing law and signatures
English law governs and courts of England and Wales have jurisdiction. Maya and Oliver sign for themselves and the partnership’s authorised representative signs on 1 June 2029. Completion documents include the accounts, transfer schedule, debt list and payment instructions; no oral assurance changes the bargain.