Is the fourth clause of the contract, which stipulates that in the event the second party fails to fulfill its obligation, the first party is entitled to the value of the check and its share in the company remains in its name to dispose of as it wishes, permissible شرعاً (religiously/Islamically)?

The first party is not permitted to compel the second party to pay the amount, because the Prophet, may Allah’s prayers and peace be upon him, said: “The property of a Muslim is not lawful except with his willing consent,” and his saying regarding sales: “What do you think, if Allah prevents the fruit, by what right would any of you take his brother’s money?” This applies even more so to taking money without a legitimate reason.

The first party must return the check to his partner, as his demand for the money is an injustice and a consumption of people’s wealth by false means.

As for the first party withdrawing the complaints against his partner, if they were unjust, he must do so; but if they were rightful, he has the choice.