This document can be used when a company, through its owners, wishes to enter into a formal written agreement on how and whether the owners can sell their ownership shares. It is likely that this document will be kept both by the company itself and by the individual owners in order to have a record of what has been agreed. A buy-sell or buyout contract is a legal contract that exists, which happens when a co-owner or partner dies in proportion to a company or wants/has to leave the company. The purchase and sale contract requires that the company`s share be sold according to a predefined formula to the company or the remaining members of the company. Questions are asked about the identity of the company, as well as the type of business it is and where it is created. Then each of the names of the owners is entered.