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. 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. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. You formalize a plan to offer your partner his contribution to the business in return for his equity holding in the business. Need to write a partnership agreement? Click here to follow a step-by-step guide and learn the 6 key elements that must be included in 2023. What should be included in a buyout agreement?