Profits and losses. Profits and losses of the partnership will be divided by the partners on a mutually agreed upon schedule, either in cash not to exceed $250.00 or in parts and/or service for Chris M. Worthington's motorcycle. If Chris M. Worthington does not need parts and/or maintenance for his motorcycle, the money will be deposited into the capital account. At the end of the year, the profits/losses will be distributed according to the proportions given above.6. Conditions/Termination. The terms of this agreement will be for a period of one year, unless the partners mutually agree in writing to a different period. If the partnership is terminated by unanimous vote, the assets and cash of the partnership will be used to pay creditors (if necessary) or paid to each partner as noted above.7. Disputes. This partnership agreement will be governed by the laws of the State of Colorado. Any dispute between partners resulting from this agreement. Shall be settled by arbitration in accordance with the rules of the American Arbitration Association and judgment on the award may be entered in any court of competent jurisdiction (McCarty, H., 2015).8. Non-competition agreement. An associate who retires or withdraws from the partnership must not engage directly or indirectly in activities that are or would be competitive with the existing activities of McCycles Motorcycle.