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A buy-sell agreement is a contract between business partners that outlines the procedures for handling various adverse events during their partnership. Also known as a buyout agreement, business will, or business prenup, it is created while the partnership is strong to address potential issues that could arise. The agreement, typically drafted by a lawyer, specifies actions for scenarios involving the five Ds: death, disability, divorce, disagreement, and default. These circumstances can severely impact a business, and having a plan in place is crucial to avoid chaos. Similar to a personal will, a buy-sell agreement ensures that business operations continue smoothly in the face of unexpected challenges.