► an agreement saying that the remaining partners of a company will buy the part of a company owned by a partner who dies, becomes unable to work, or wants to sell: »
A buy-and-sell agreement will protect the business from collapse if a partner dies.
► PROPERTYa written agreement between a buyer and a seller of a building or land that says what each of them must do to make the sale: »
Drafting a proper buy-and-sell agreement for the purchase or sale of real estate can help you avoid problems in the future.