If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?Buyout agreement terms, specifying the process and timeline for completing the sale of partnership interest. Negotiating Withdrawal Terms. Learn how to initiate a buyout agreement effectively with this comprehensive guide. 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. Buying out a business partner is a complicated process. The Buyer desires and intends to acquire the Shares from the Shareholders at the price and on the terms and subject to the conditions set forth below. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. And Wespac Holdings LC and Other Business Contracts, Forms and Agreeements.