ZhilianhaiPartner Exit and Substitution
What to agree up front
| Situation | Mechanism |
|---|---|
| Voluntary exit | Notice period and transfer obligations |
| Underperformance | Remedy period, then substitution |
| Financial distress | Step-in rights and information access |
| Change of control | Consent or notification requirement |
| Asset division | Tools, licences and work in progress |
Keep continuity
- Ensure documents and programs are available to the remaining partner.
- Identify a substitute supplier before a crisis, not during one.
- Record the knowledge that lives only in one partner.
Exit terms are contract matters. Confirm them with legal advisers when teams are formed.