This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
[lnsert in Articles of Co-partnership, above, at end of Article providing for division of assets, on dissolution.]
Provided, however, that, on dissolution of said partnership, either partner shall have the right and option of purchasing the interest of the other in said partnership, by giving to such' other, or to his personal representatives, notice in writing, of his intention so to do, within --------- days after dissolution. If said partners shall be unable to agree upon the sum or price to be paid for such interest, then the question of the value of such interest shall be submitted to the decision of three disinterested arbitrators, one to be chosen by each of the parties hereto and the third by the two so chosen, and the award, in writing, of any two of such arbitrators, as to such value, shall be final and conclusive between the parties.
And provided further, that if each partner, on dissolution, shall desire to purchase the interest of the other, under the provisions hereof, the partner who shall offer the highest sum or price shall be entitled to make such purchase.
See references under 8 3776.