buy-and-sell agreement
noun[C]
LAWukusanagreementsaying that theremainingpartnersof acompanywillbuythepartof acompanyownedby apartnerwhodies,becomesunabletowork, orwantstosell:
A buy-and-sellagreementwillprotectthebusinessfromcollapseif apartnerdies.
PROPERTY
a writtenagreementbetween abuyerand asellerof abuildingorlandthat says what each of them must do to make thesale:
Drafting aproperbuy-and-sellagreementfor thepurchaseorsaleofrealestatecanhelpyouavoidproblemsin thefuture.