Any notification in this agreement is deemed to have been properly issued if it is communicated to the party entitled to receive this notification at the partner`s office or sent by mail. The purchase price of a deceased partner`s interest is the last value introduced in his name in Appendix B or at the value shown above, except that the purchase price is in no way less than the amount of one-day life insurance subject to the agreement at the time of his death. The objective of this agreement is (1) to sell its interest in the partnership by a partner during the life or by the estate of a deceased partner and to acquire such shares through the partnership at a fair price; and (2) allocate all or part of the funds to purchase. A buy-and-sell contract is a contract that is entered into to protect a business if something happens to one of the owners. The agreement, also known as a buyout, defines what happens to a company`s actions in the event of an unforeseen event. The agreement also includes restrictions on how owners can sell or transfer shares in the business. The contract should allow for better control and management of a business. Notwithstanding the provisions, this insurance company is expressly entitled to act as if the agreement did not exist, in accordance with its guidelines, and the payment or performance of its contractual obligations in accordance with the terms of insurance exempts the company entirely from all claims, shares and claims of all persons. What happens when an owner dies and a beneficiary inherits his share of the business? What happens when an owner divorces and an ex-spouse receives part of the activity? What if a person dies and his executor had to sell his share of the company to cover his debts? Do the other owners have the first option to purchase? If an owner files for bankruptcy, how many layoffs do they have to give? (A) the written agreement of the partnership and all partners; The insurance company is not a party to this agreement. While this agreement is in force, no partner has the right to give in, incriminate or give up interest in the partnership, unless it is foreseen.