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.A buy and sell agreement stipulates how a partner's share of a business may be transferred should that partner die or leave the business. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. Any purchase of an existing business should be done with a written business purchase agreement. ASSET PURCHASE AGREEMENT between ORANGE GLO INTERNATIONAL, INC.