If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?The requisition will become a Purchase Order contract specifying the exact terms and conditions. Before entering a requisition, the. 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. Under Business Personal Property Forms, select Personal Property Rendition. How do I fill out the rendition form?