| Title |
Memorandum of Agreement between Erskine and Alfred Piper for shop in Staplehurst by Erskine Piper and Alfred Piper, 1 January 1887 |
| Author |
Erskine Piper |
| Call Number |
F0028 |
| Repository |
FH document folders |
| Source ID |
S440 |
| Text |
Memorandum of agreement made this first day of January 1887 between Erskine Piper and Alfred Piper brothers both of Staplehurst Kent. It is agreed by both parties hereinnamed that the grocery and drapery business lately carried on by Mr Nathan Weston and situated in high Street Staplehurst be conducted in the name of Erskine Piper and all monies invested in and for the benefit of the said business shall be invested in his name.
And is mutually agreed that all profits and pecuniary gains arising or obtained from the said business be divided between the said brothers above-named according to the amount of capital invested by each in the said business which amounts are hereinafter declared and it is further agreed that all losses sustained in the carrying on of the said business be shared in the same proportion as the profits and at all licences rates taxes and interest of monies borrowed for the carrying on of the said business be paid out of the gross profits rising from the said business and it is further agreed that the freehold of the house and premises is property of Erskine Piper any mortgages upon the same to be paid by the said Erskine Piper at any time which shall be mutually agreed upon from his share of the profits all interest upon the said mortgages or mortgage to be paid out of the gross profits of the business.
There is also agreed that any mortgages upon the said business shall be paid as soon as convenient and his further agreed that the said Erskine Piper of entitled interest compound interest at the rate of 5% per annum upon the £200 invested by him in the premises aforementioned in addition to his fair and legitimate share the profits aforementioned the said interest not to be drawn from the business but to remain vested in the same. It is also agreed that all stables warehouses buildings of any description which have been or will be erected in connection with said business shall be the property of the said Erskine Piper and paid for him by him alone he being entitled as before mentioned 25% interest and compound interest per annum for all monies so invested by him in the said business.
And it is further agreed that the total value of goods monies or any portion of the stock in trade to take it from the said business by either of the said brothers for their private use is not to exceed the rate of 3% of the average annual takings the said monies or goods not be taken in advance. It is also agreed that any bylaws or regulations which may be drawn upon by the said brothers in connection with the said business shall be strictly adhered to by both parties. It is also agreed that should profits arising from said business be inadequate for the requirements of the two brothers the said Alfred Piper agrees to take the earliest opportunity to obtain another situation or occupation provided the said Erskine Piper pays for him his legitimate share of the profits together with all monies of goods which the said Alfred Piper may have invested in the said business.
It is further agreed at the cost of all repairs or alterations or additions appertaining to premises above mentioned which shall be mutually agreed to shall be paid for out of the gross profits arising from the said business and it is declared that the amount of capital invested in the said business is £1092.19 shillings the portion of which amount invested for the benefit of Erskine Piper being £566.19 shillings the portion invested for the benefit of Alfred Piper being £526.
It is also further agreed that every reasonable opportunity shall be embraced by Alfred Piper to obtain a business of his own at such future time when such undertaking shall not be prejudicial to the interest of the present business or either of the parties such action to receive mutual consent so that Erskine Piper may have a reasonable opportunity of taking the whole business entirely upon his own hands by mutual consent as aforesaid.
It is lastly agree that this agreement becomes void only by mutual consent
Erskine Piper
Alfred Piper
witness Hannah Piper
15th of August 1887 |
| Linked to (2) |
Piper, Alfred
Piper, Erskine |
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