continuation agreement

continuation agreement. Partnership. An agreement among the partners that, in the event of dissolution, the business of the partnership can be continued without the necessity of liquidation. Cf. BUY–SELL AGREE-MENT(1). [Cases: Partnership 277. C.J.S. Partnership §§ 318–320.]

“Normally, a continuation agreement would have some type of provision for purchasing the interest of a deceased or expelled partner. However, such a provision is not necessary. Courts have enforced agreements that give the estate of the deceased partner nothing.” Harold Gill Reuschlein & William A. Gregory, The Law of Agency and Partnership § 269, at 461 (2d ed. 1990).

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词条贡献者

译者晓晨，毕业于世界顶级翻译学院，擅长翻译各种与反垄断咨询与合规相关的法律文件。