This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement. 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 guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. In most cases, the terms and conditions of a partner buyout are documented in the partnership agreement created when the Partnership is formed. Establishing a buysell agreement reduces future conflict. The structure and terms should align with your buyout goals. 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.