Originally Posted by gomango
Can you send me the sections on late penalty and the quit - claim documents of your agreement? This maybe useful to be added to ours.
My email address is: firstname.lastname@example.org
Wish I could help you. The last partnership we did was on a boat about 10 years ago and since then, a new computer that didn't retain a lot of documents that I thought I'd never use again.
FWIW, make up what you think you want to say, then pass it by your attorney for his/her blessing. The fewer words the better, and all in English, not lawyer-speak.
As I recall, a late penalty was due when a due payment was late by a certain number of days. Past-due plus penalty had X number of days to correct the defect; after which the late payer was put on a 30-day notice to either pay the amount (plus another late fee = to the cost of the attorney that drafted the Demand note) or risk default and forfeiture of his interest.
Quit Claim deeds were signed at the inception and kept by the attorney. They were supposed to make transfer of ownership title smooth with DMV.
It was simple business; nothing personal about money. That said, this little concept might be what gets so many partnerships sideways in the first place. It can't be personal where money is concerned.