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English definition of “buy-and-sell agreement”

buy-and-sell agreement

noun [C]     LAW
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.
PROPERTY a 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.
(Definition of buy-and-sell agreement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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