Common use of Authority of Managing Partner Clause in Contracts

Authority of Managing Partner. (a) No Person dealing with the Partnership shall be required to inquire into the authority of the Managing Partner or the Designate to take any action or to make any decision in the name of the Partnership, including the authority of the Managing Partner or the Designate to do any matter or enter into any agreement in respect of any matter. (b) Subject to the Managing Partner’s or Designate’s authority granted herein, no Partner shall, without the unanimous approval of the other Partners, have the power to sign for or on behalf of the Partnership or release or discharge or give time for the payment or performance of any debt or duty which shall be owing to the Partnership or shall make, sign, draw, endorse or contract any debt in the name of the Partnership.