Your agreement should address when a partner can or must be bought out of their partnership interest and the procedure to buy out the partner. What should be included in a buyout 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. Buyout agreement terms, specifying the process and timeline for completing the sale of partnership interest. Negotiating Withdrawal Terms. Establishing a buysell agreement reduces future conflict. The structure and terms should align with your buyout goals.