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Sale Of Medical Practice Agreement
"I need a Sale of Medical Practice Agreement for my dental practice in Brussels, which I'm selling to a corporate buyer with completion planned for March 2025; the agreement needs to include specific provisions for handling specialized dental equipment and ongoing patient treatments."
1. Parties: Identification of the seller (current practice owner) and buyer, including professional registration details
2. Background: Context of the sale, including practice history, reason for sale, and confirmation of regulatory compliance
3. Definitions: Key terms used throughout the agreement, including Practice, Assets, Patient Records, Goodwill, etc.
4. Sale and Purchase: Core terms of the transaction, including what is being sold and purchase price
5. Purchase Price and Payment: Detailed payment terms, including any installments, deposits, and adjustment mechanisms
6. Completion: Requirements and conditions for closing the transaction
7. Assets Transfer: Detailed provisions regarding the transfer of physical assets, equipment, and inventory
8. Patient Records and Data: Terms governing the transfer of patient records and compliance with data protection laws
9. Warranties and Representations: Seller's warranties regarding practice operations, compliance, and disclosed information
10. Post-Completion Obligations: Ongoing obligations after the sale, including transition support and handover
11. Non-Compete and Non-Solicitation: Restrictions on seller's future practice and patient solicitation
12. Confidentiality: Provisions for maintaining confidentiality of practice and patient information
13. Governing Law and Jurisdiction: Specification of Belgian law application and dispute resolution procedures
1. Employee Transfer: Required if the practice has employees, covering TUPE-equivalent provisions and staff arrangements
2. Property Assignment/Lease: Required if practice premises are owned or if lease is being transferred
3. Third Party Contracts: Required if there are ongoing service contracts or equipment leases to be transferred
4. Intellectual Property: Required if practice has specific IP assets like branding or specialized procedures
5. Insurance and Indemnity: Optional enhanced provisions for specific risk areas
6. Earn-out Provisions: Required if part of purchase price is contingent on future performance
7. Bank Guarantees: Required if payment security is needed for installment payments
1. Schedule 1 - Asset Inventory: Detailed list of all physical assets included in the sale
2. Schedule 2 - Employee Information: List of employees and their key employment terms
3. Schedule 3 - Patient Database Summary: Statistical information about patient database (not personal data)
4. Schedule 4 - Equipment List: Detailed inventory of medical equipment and their condition
5. Schedule 5 - Third Party Contracts: List of all contracts being transferred
6. Schedule 6 - Property Details: Details of practice premises and any property rights
7. Schedule 7 - Financial Statements: Recent financial information of the practice
8. Appendix A - Transition Plan: Detailed plan for practice handover and patient communication
9. Appendix B - Required Regulatory Approvals: List of necessary regulatory approvals and status
Authors
Healthcare Services
Medical Practices
Primary Care
Specialist Medical Services
Healthcare Management
Professional Services
Medical Equipment
Healthcare Real Estate
Legal
Compliance
Healthcare Operations
Finance
Human Resources
Property Management
Information Technology
Data Protection
Business Development
Risk Management
Administrative Operations
Medical Records
Medical Practice Owner
Healthcare Administrator
Medical Director
Practice Manager
Healthcare Lawyer
Compliance Officer
Medical Professional
Healthcare Consultant
Business Development Manager
Operations Manager
Financial Controller
Data Protection Officer
HR Manager
Property Manager
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