Sexual agreements are common among gay male couples, and between one-third and two-thirds of gay men acquire HIV while in a same-sex relationship. Studies have assessed whether agreements could be used for HIV prevention yet additional research is needed. By using dyadic data collected from 361 U.S. gay male couples, the present cross-sectional study sought to assess whether certain between and within couple-level relationship characteristics predict a partner’s value in, commitment to, and satisfaction with an agreement. On average, couples with higher levels of constructive communication and relationship satisfaction and commitment were associated with partners who had higher levels of investment in the agreement. Within the couple, differences in commitment and investment of the relationship were also found to be negatively associated with partners’ investment toward an agreement. Implications are discussed for how sexual agreements may be used to develop new HIV prevention efforts for gay male couples.