Partners' Salary Clause Samples

Partners' Salary. No Partner shall receive a regular salary or fees for services rendered in management or operation of the Partnership business or property unless specifically agreed to by Partnership Action and such agreement is evidenced by a written agreement specifying such salary; provided, however, that no Partner shall be required to contribute any materials or services for the business or operations of the Partnership and, to the extent any Partner provides such services or the use of any equipment to the Partnership which the Partnership would otherwise have been required to obtain by contract, the Partner or Partners providing such services or equipment shall be paid by the Partnership at the customary or prevailing rates for such service or equipment in the locale where they were provided.