Legal Dictionary of Pakistan

ontinuation 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 AGREEMENT (1)."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).