A Buy-Sell agreement is an agreement that establishes the methodology to be followed by the parties regarding the ultimate disposition of an interest in a closely held business by a departing or a deceased owner. A Buy-Sell Agreement typically sets out the exit process including detailing areas such as the rights of first refusal to remaining shareholders and the formula for calculating the exit price, etc. The execution of the terms in a buy-sell agreement, when triggered by the relevant conditional events, rely of business valuation reports to establish the value at which the parties will reach a settlement.