A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. The two primary types of buy-sell agreements are cross purchase and redemption agreements, each with its unique structure and implications.Over that, Superior court has jurisdiction. Buying out a business partner is a complicated process. Draft a buyout agreement: Work with an attorney to draft a buyout or purchase agreement. Find top rated buyout agreement lawyers for Chicago, IL to hire. Post your project and get multiple proposals from IL business lawyers. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. 1. Miscellaneous Application Form 2. NORI Biodata form 3.