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A buy-sell agreement is a contract between business partners that outlines the actions to be taken in the event of specific adverse situations during their partnership. Also referred to as a buyout agreement, business will, or business prenup, this legally drafted document establishes pre-determined courses of action for common scenarios known as the "five Ds": death, disability, divorce, disagreement, and default. These scenarios can adversely affect a business, making it crucial for owners to plan for the unexpected. Having a buy-sell agreement in place is essential, similar to having a personal will, as it ensures clarity and structure during potentially detrimental times.