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Deed of Closure and Dissolution Agreement

This document is a deed of closure and dissolution of a memorandum of agreement between Gaudencio M. Herrera and Maria Fe E. Escano. It states that the parties previously entered into a partnership agreement in September 2017 that resulted in business losses. The parties now agree to close and dissolve the terms of the memorandum of agreement as of November 1, 2017, with operations ending on October 29, 2017. As part of the dissolution, Escano returns the PHP35,000 investment to Herrera. Both parties agree to waive any further claims against each other upon signing the agreement.

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Manny Sandicho
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457 views2 pages

Deed of Closure and Dissolution Agreement

This document is a deed of closure and dissolution of a memorandum of agreement between Gaudencio M. Herrera and Maria Fe E. Escano. It states that the parties previously entered into a partnership agreement in September 2017 that resulted in business losses. The parties now agree to close and dissolve the terms of the memorandum of agreement as of November 1, 2017, with operations ending on October 29, 2017. As part of the dissolution, Escano returns the PHP35,000 investment to Herrera. Both parties agree to waive any further claims against each other upon signing the agreement.

Uploaded by

Manny Sandicho
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Agreement Details
  • Title Page
  • Acknowledgment

DEED OF CLOSURE AND DISSOLUTION

OF MEMORANDUM OF AGREEMENT

Know All Men By These Presents:


That this deed is entered into by and between –

GAUDENCIO M. HERRERA, of legal age, Filipino, married, and a


resident of Malagasang II-C, Imus, Cavite, and hereinafter
referred to as the FIRST PARTY; and

MARIA FE E. ESCANO, likewise of legal age, Filipino, married,


and a resident of Santiago, Gen. Trias, Cavite, and hereinafter
referred to as the SECOND PARTY.

Witnesseth, that:

WHEREAS, the parties previously entered into a Memorandum of


Agreement dated 07 September 2017, and entered as Doc. No. 412; Page
No. 84; Book No. XXII; Series of 2017 in the Notarial Register of Atty.
Anthony G. Escarez, notary public of Imus, Cavite;

WHEREAS, after a couple of months of operations and there being


irreversible business losses, the parties hereto agree to close, terminate
and dissolve all the terms of the said Memorandum of Agreement;

NOW THEREFORE, premises considered, the parties hereto agree


and covenant as follows –

1. The Memorandum of Agreement is closed, terminated and dissolved as


of 01 November 2017, but operation ended as of 29 October 2017.
PAGE 1 OF 2 -- DEED OF CLOSURE AND DISSOLUTION OF MEMORANDUM OF AGREEMENT

2. At the time of signing this deed, the SECOND PARTY returns to the
FIRST PARTY the amount of THIRTY FIVE THOUNSAND PESOS
(PHP35,000.00) which corresponds to the FIRST PARTY’s total
investment in the partnership agreement. And the FIRST PARTY
hereby acknowledges receipt in full of the said amount.

3. The parties upon signing this agreement quit, waive, release and clear
any further claim from each other.

IN WITNESS WHEREFORE, the parties hereto affixed their signatures,


this _______ day of November 2017 in ___________________ Cavite.

GAUDENCIO M. HERRERA MARIA FE E. ESCANO


First Party Second Party

Signed in the presence of –

____________________________ ____________________________
(Printed Name & Signature) (Printed Name & Signature)
REPUBLIC OF THE PHILIPPINES)
PROVINCE OF CAVITE ) s.s.
CITY OF IMUS )

ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the Province of Cavite, this
______________________, personally came and appeared:
Name Competent Proof of Identity Place and
Date Issued
GAUDENCIO M. HERRERA UMID CRN 011-5028021-6
MARIA FE E. ESCANO Driv. Lic. D12-17-000715 LTO Pila DO

known to me and to me known to be the same persons who executed the


foregoing DEED OF CLOSURE AND DISSOLUTION OF MEMORANDUM OF
AGREEMENT and they acknowledged to me that the same is their free and
voluntary act and deed.
WITNESS MY HAND AND SEAL, at the date and place first above
written.

Doc. No. _______;


Page No._______;
Book No._______;
Series of 2017
PAGE 2 OF 2 -- DEED OF CLOSURE AND DISSOLUTION OF MEMORANDUM OF AGREEMENT

Common questions

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The document ensures it is legally binding by having the parties personally appear before a notary public, with acknowledgment of their act and deed as free and voluntary, including competent proof of identity, signatures, and the presence of witnesses.

The legal acknowledgment involved personally appearing before a notary public, providing competent proof of identity, and the execution of the deed of closure and dissolution, which was acknowledged as the free and voluntary act of the parties involved.

The key reasons mentioned for the closure and dissolution of the Memorandum of Agreement are irreversible business losses experienced after a couple of months of operations.

Information typically recorded in the notarial register includes document number, page number, book number, series year, and the acknowledgment by the parties involved.

The end of operations is marked as 29 October 2017, while the formal dissolution of the Memorandum of Agreement is recorded as 01 November 2017.

The location, specified as Imus, Cavite, in the acknowledgment part, indicates the jurisdiction of the notary public, while witnesses' printed names and signatures ensure the validity and verification of the parties' signatures and the transaction's authenticity.

Gaudencio M. Herrera used a UMID CRN 011-5028021-6, and Maria Fe E. Escano used a Driver's License D12-17-000715 issued by LTO Pila DO as proof of identity.

The parties ensured that no future claims could arise by agreeing to quit, waive, release, and clear any further claims from each other upon signing the deed of closure and dissolution.

In the document, Gaudencio M. Herrera is designated as the FIRST PARTY, while Maria Fe E. Escano is designated as the SECOND PARTY.

The financial settlement involved the SECOND PARTY returning PHP35,000.00 to the FIRST PARTY, which corresponds to the FIRST PARTY's total investment in the partnership agreement. This was executed by the FIRST PARTY acknowledging receipt in full of the said amount upon signing the agreement.

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