Definitions for "CROSS-PURCHASE AGREEMENT"
A form of buy-sell agreement and insurance whereby each partner of a business purchases insurance on the lives of the other partners. This provides protection to the value of the business and can be in the form of life and/or disability coverage.
a contract among the owners of the business to buy the interests held by the other owner(s) during their lives or upon their death
a contract between you and the other co-owners whereby you as a group agree to buy out an exiting co-owner's ownership interest when and if a triggering event (such as death or disability) occurs