This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. What should be included in a buyout agreement?Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. For example, do you want an enforced buyout when one retires that the younger partner could trigger, leaving the older partner with having to buy them out?