Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
buy-sell agreement
1. An arrangement between owners of a business by which the surviving owners agree to purchase the interest of a withdrawing or deceased owner. Cf. CONTINUATION AGREEMENT. 2. Corporations. A share transfer restriction that commits the shareholder to sell, and the corporation or other shareholders to buy, the shareholder's shares at a fixed price when a specified event occurs. - Also termed buy-and-sell agreement. Cf. OPTION AGREEMENT. BW. abbr. BID WANTED.
cross-purchase buy-sell agreement.
1. BUY SELL AGREEMENT (1). 2. A partnership insurance plan in which each partner individually buys and maintains enough insurance on the life or lives of other partners to purchase a deceased orexpelled partner's equity.