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. What should be included in a buyout agreement?In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Combination agreements, stock redemption agreements, and cross purchase agreements are the three most common structures for buysell agreements. Most successful business owners, at some point, need to consider setting up a buy-sell agreement. This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. Identify the parties involved in the transaction. 2. When drafting a buyout agreement, you should be sure to address specifics pertaining to your business and what will happen upon the departure of an owner.