In the absence of a partnership agreement, partners may disagree on how to manage the operation. A written partnership agreement outlining core business practices can help mitigate future conflicts before they begin. The social contract should also prescribe the date on which profit can be deducted from the transaction. Find out more about all the conditions that a Partnership Agreement should contain in the terms of the Partnership Agreement. PandaTip: This is another part of a partnership agreement that has the advantage of being specific….