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Barring Of Goodwill
BARRING OF GOODWILL
As a legally binding addendum and amendment to our partnership agreement dated [Date of agreement] we, [Name of first partner] and [Name of second partner] submit the following:
In the event of retirement or death of a partner, and after determining the value of interest of that partner, it is agreed as a provision of the contractual agreement, that the estate of the deceased partner shall have no interest in the goodwill of the partnership.
The goodwill of the business is not predicated upon or by the assets of the partners or the partnership, and no payments to heirs of the deceased partner are forthcoming.
Partner Dated
Partner Dated
Witness Date