A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.B. Purchaser desires to purchase the Property and Sellers desire to sell the Property, all upon the terms and conditions set forth in this Agreement. The document informs the seller of the amount the buyer is willing to pay and specifies various terms the seller must satisfy if the buyer agrees to the sale. For a sample pro-seller master sale of goods agreement, see Standard Document, Sale of Goods. Agreement (Pro-Seller) (2-518-9260). A buysell agreement may also be referred to as a buyout agreement. Sell agreement is like a will for your business.