Partner Acknowledgment Sample Clauses
The Partner Acknowledgment clause serves to confirm that each party recognizes and agrees to the terms, obligations, and representations set forth in the agreement. Typically, this clause requires both partners to affirm that they have read, understood, and voluntarily accepted the contract's provisions, sometimes including confirmation of authority to enter into the agreement. Its core practical function is to ensure that all parties are fully aware of their commitments, reducing the risk of future disputes over misunderstandings or claims of ignorance regarding the contract's contents.
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Partner Acknowledgment. The Partners and Assignees agree to be bound by the provisions of this Section 6.2 in reporting their shares of Partnership income, gain, loss, deduction and other allocations for income tax purposes.
Partner Acknowledgment. The Partners agree to be bound by the provisions of this Article V in reporting their shares of Partnership income and loss for income tax purposes.
Partner Acknowledgment. The Partners agree to be bound by the provisions of this Section 5.2 in reporting their shares of Partnership income, gain, loss, deduction and credit for income tax purposes.
Partner Acknowledgment. The Partners agree to be bound by the provisions of this Article IV in reporting their shares of Partnership income and loss for income tax purposes, provided, however, that if a Limited Partner is advised in good faith by its tax counsel or other tax advisors that the tax position taken by the Partnership on any return or other statement is clearly erroneous, and that such Limited Partner's taking a tax position consistent with the provisions of this Agreement will subject the Limited Partner to a material risk of fines or other penalties, such Limited Partner shall have the right to take a position inconsistent with the provisions of this Agreement, so long as it has given the General Partner written notice not less than ten (10) days prior to taking any action pursuant to such inconsistent position (unless such Limited Partner is required to take such action pursuant to such inconsistent provision less than ten (10) days after receipt of reporting information from the Partnership with respect to such erroneous position by the Partnership, in which case such Limited Partner shall give the General Partner such notice that is reasonable under the circumstances).