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A buy-sell agreement is a contract between business partners that outlines how to handle adverse events in their partnership. It is designed to prepare for unexpected situations, and is often referred to as a buyout agreement, business will, or business prenup. This legal document, crafted by a lawyer, establishes pre-determined courses of action for five key scenarios: death, disability, divorce, disagreement, and default. These situations can significantly impact a business, and having a plan in place is crucial. Similar to a personal will, a buy-sell agreement ensures that business owners have a clear strategy for potential challenges, safeguarding the continuity of their enterprise.