BUY-SELL AGREEMENT

An agreement that covers the ending for a relationship between two or more co-owners of a property or business. The agreement covers any restrictions over the sale of the departing partner’s share such as who the share may be sold to, what price, whether there is a right for the other partners to purchase at the same price (right of first refusal) and the like. The agreement also covers involuntary actions to terminate the ownership such as the bankruptcy, death or divorce of the owner.