A buyback agreement, also known as a buy-sell agreement, is a legal contract between the owners of a business that determines how the future sale or purchase of an owner`s stake in the business is managed. Get an independent professional evaluation opinion. While partners are very familiar with the underlying activity, the decision to assess fairly is a complex one. In addition to the technical methods of financial evaluation, which require expert analysis, there is also the problem of subjectivity that tarnishes judgment in the management of intimate matters such as a partnership. For an agreement to work, both parties would need professional advice on the valuation and structure of a transaction of this magnitude. Many partnership agreements have incorporated into the text a large number of provisions that cover how the partnership is to be managed, as well as contingencies regarding the responsibilities of each partner and the impact of its actions or omissions. . . .