When designing a buy-sell contract, members can include virtually any type of event they deem important and would influence the future of the business. These do not need to be standardized and can be tailored to the needs and wishes of members. However, several triggering events are often included: what happens when an owner dies and a beneficiary inherits his share of the activity? What if an owner divorces and an ex-spouse receives part of the business? What if a person died and his executor had to sell his share of the case to cover debts? Do other owners have the first purchase option? If an owner is going to file for bankruptcy, how much notification does he have to give? (C) the death of all partners simultaneously or for a period of __________ days; or to die in the interest of another partner, at any time prior to the purchase and sale under this Agreement, after the death of the last surviving partner or partner; or that`s why you need to make sure you`re fully committed before joining a partnership. The model sale agreement below describes an agreement between the shareholders of ABC, Inc., regarding the purchase and sale of shares of the company. Shareholders agree to the conditions under which shares may be transferred and any restrictions on the transfer of shares. Is there a mandatory buyback of the outgoing partner`s shares or can the partnership allow that person to keep their own funds without buying them? The purchase price of a deceased partner`s interest is the last value listed in Schedule B in relation to his name, or the value determined as indicated above, except that the purchase price is in no way less than the proceeds of one year of death of all life insurance policies that are subject to the agreement at the time of his death. If your agency has more than one owner, it is important that you have appropriate partnership documents. Insofar as the partnership or the other partners do not acquire the entire stake offered for sale within the successive permitted periods, the participation may be transferred to the person and under the conditions described in the communication, or to another person or person, at the end of the last equivalent period; provided that (1) the termination and initial offer procedure described above is repeated in the context of any other proposed transfer; and (2) the contract creating the partnership does not further limit or prevent such sale or other disposition. A purchase-sale contract form contains details about who may or may not purchase the shares of the outgoing or deceased owner, how to determine the value of the shares, and what events bring the purchase-sale agreement into effect. This Agreement may be amended at any time by a letter signed by the Partnership and all Partners. As long as this agreement remains in force, it is expressly agreed that the partnership will not exercise any of the rights or privileges conferred on it as owner by the terms of the policies (e.g. B the right to borrow, lend for cash, change beneficiaries or transfer a policy), unless agreed in writing by all partners. .