THIS PARTNERSHIP AGREEMENT is made this ______ day of ______. In this article, we will explore the key steps involved in negotiating a partner buyout agreement in an LLP.If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly? Download this free general partnership agreement template below and customize it to meet your unique business legal needs. PEMA will fill out the Application Evaluation Review Checklist (Form 17) for all applications in order to establish priority for funding. 2.