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?A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. Create a Buy-Sell Agreement in minutes with step-by-step instructions. Use this contract to protect the shares of a business in unforeseen circumstances. THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of this ____ day of. For example, OCI might complete the Offer, but decide not to pursue the Buyout if the Formula Price (as defined below) exceeds the Offer Price. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement.