The buyout agreement should include the financial considerations discussed above, such as:nnThe agreed-upon buyout amount.nThe mechanism for funding the buyout.nRoles and responsibilities of the former partner.nRoles and obligations of the remaining partner(s) post-buyout.nnThe agreement should also define crucial non-financial conditions.nnNon-Compete Clauses: You want to protect any trade secrets, customer lists, and client contacts. A non-compete agreement (NCA) should prevent the departing partner from using their industry and insider knowledge to create a competing company. The agreement must define how long the NCA remains in place.nnNon-Disclosure Agreements: Similar to an NCA, a non-disclosure agreement (NDA) might be necessary to protect intellectual property (IP) and trade secrets.nnAdditional Protections: The agreement should also define IP ownership and usage rights such as trademarks, copyrights, and patents.