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. 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.What should be included in a buyout agreement? This guide outlines the essential procedures for buying a stake from a business partner. These include creating the motivation behind the buyout. A partnership buyout agreement lets you plan what will happen when a partner leaves the business. A Small Business Teaming Arrangement between the offeror and its small business subcontractor(s) exists through a written agreement between the parties that–.