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A buy-sell agreement is a contract among business partners outlining procedures for unforeseen events, ensuring a planned response to potential challenges. Also referred to as a buyout agreement, business will, or business prenup, it is created during favorable business conditions to specify actions if adverse situations arise. The agreement is legally drafted and addresses scenarios involving the five Ds: death, disability, divorce, disagreement, and default. These situations can jeopardize a business, making it crucial for owners to have a predetermined plan. Similar to a personal will, a buy-sell agreement is essential for providing clarity and direction during difficult times.