buy-sell agreement
- A contract among co-owners specifying the procedures and conditions for buying out a departing owner's stake, including limitations on the sale, potential buyers, and the agreed price
- After an owner's retirement, the buy-sell agreement will specify who will purchase their interest.
- If an owner becomes bankrupt, the buy-sell agreement outlines the next steps for the purchase of their stake.
- The buy-sell agreement determined what would happen with the owner's interest upon his disability.
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