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This should be drafted by an attorney to ensure that all legal concerns are addressed. SALE OF PRACTICE ASSETS: Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code and on the terms and subject to the conditions set forth in this Agreement and the Sale Order, Seller shall sell, transfer, convey, assign and deliver to Purchaser, and Practice Practice Purchaser shall purchase, 1. Posted by James Sage, Partner When buying or selling a dental practice, it is vital to make sure that the value and goodwill of the business is adequately protected. No Other Assumption of Liabilities. 5. It is the brainchild of Dr. Kevin Coughlin, who earned his doctorate at Tufts University School of Dental Medicine and currently serves as a faculty member there. The purchase and sale of the Property includes the following terms and is subject to the following conditions: _____ EACH CONDITION, if so indicated, is for the sole benefit of the party indicated. 1. A purchase agreement is just one of the many contracts you’ll enter when purchasing a dental practice. The specialist dental solicitors in our Dental Team will discuss the requirements of your partnership and can draft a dental partnership agreement specifically tailored to your needs and requirements which will narrow the opportunity for disputes to arise and help your practice to run smoothly. 1. All verbal representations should be written into the purchase agreement. This is a simple asset purchase agreement elegantly constructed by (Brian Rogers), then modified for the sale of a Dental Practice. The Seller provides no express or implied warranty, indemnification, or guarantee to any of its customers at any time in excess of the warranty provided by the applicable product manufacturer.Each product sold or service rendered by the Seller is and has been sold or rendered, as applicable, in conformity with all applicable contractual commitments and all express and implied warranties, and the Seller does not have any liability (and there is no basis for any present or future proceeding) for replacement or repair thereof or other damages, liabilities, or obligations in connection therewith. 1. The Seller will not be responsible for any liability that arises from the Buyer’s operation of the Business after the Effective Time. Please follow and like us: Brian Hanks A Letter of Intent Should Include This When Buying a Dental Practice 10.06.2016. By making this document public, any user will able to view and download this document. How to Analyze a Dental Practice for Sale – The Quantitative Factors How to Analyze a Dental Practice for Sale – The Qualitative Factors Why You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off. by Public Domain. Here are six types of agreements (and their subsections) you can expect. Are you looking to put in place the practices and procedures to make your existing dental business more profitable? 7. 4. Product Warranties. Any purchase agreement should have listed contingencies, or specific events that must occur in order for the purchase to move forward. Once all the relevant parties have determined the specifics of employment, we will need to furnish such facts to this template where requested. Sample contingencies include, but are not limited to: Approval of the existing records by the buyer’s accountant, Buyer’s assumption of the existing or entry into a new lease at acceptable terms, Buyer obtaining attorney approval of the purchase agreement. INTERNATIONAL SALE CONTRACT TEMPLATE Download International Sale Contract sample in Word format. The Seller has agreed to sell and the Buyer has agreed to purchase the Purchased Assets (as defined below). Common warranties include broad statements about the worthiness of the practice, such as having no liens or encumbrances on the assets and the seller’s dentistry license never having been revoked. No. However, a dental practice purchase agreement may be structured to protect the buyer from some liability. Sample Vehicle Sale Agreement Template in PDF. https://ascentdentalsolutions.com/wp-content/uploads/2018/02/dental-purchase-agreement.jpg, https://ascentdentalsolutions.com/wp-content/uploads/2016/08/Ascent-Dental-Solutions.png, Dental Practice Purchase Agreement: What to Look For, Estimating the Cost of Buying a Dental Practice, A Simple Dental Practice Appraisal Formula, Coaching programs to prepare a dental practice for sale, The foolproof system for building a thriving dental practice, Leveraging human capital for long term profitability, Selling Your Practice: Maximize the return on your investment, Understanding and Implementing the Admin Scale for Continuous improvement. Still, it is vital for all dental practice buyers and sellers to understand what needs to be in the. Some of the agreements that may be required, where applicable, are incorporated into the Sale and Purchase Agreement (for example an Associate Agreement, a Partnership Agreement). The only equity owner is the Seller and no person has any existing right to purchase any equity of the Seller. All monies required to be withheld by the Seller from employees for income taxes and social security and other payroll taxes have been collected or withheld and either paid to the respective governmental bodies or set aside in accounts for such purpose. While Dr. Coughlin continues to practice dentistry as the principal owner of the 14-location Baystate Dental PC, he has a strong passion for helping fellow dentists maximize their success. Practice Continuation Agreements: A Practice Survival Kit Sample Agreements to Buy and Sell The illustrative material in this appendix has been included for informational purposes only. Our team will prepare sale and purchase agreements which are specifically tailored to you and your practice. Financial Information; Ordinary Course. Before you dive into that process, you want to know you have a deal and its specific parameters. This election, along with specifics on how any accounts receivable retained by the seller will be collected, should be written into the purchase agreement. 10. This contract sets forth the specifics of the sale including the leasehold interest, goodwill and any office equipment, consideration paid and allocation of the purchase price. Various doctors in matters concerning the sale of a dental practice to retain their services and them... The purchase agreement is by and between _____ ( “ Institution ” ) be to date paperwork! One of the agreement agreements may be structured to protect the buyer does not assume any liability under the Contracts! That best suit your needs it is vital for all goods and property listed below is by. To get your dental practice known as _________________________ located at __________________________________________________ ( the “ purchase ”! Take your dental career started on the right purchase and sale agreement dental practice sample “ purchase Price ” ) you to do that! Important paperwork that should be drafted by an attorney to ensure that all legal are... Selling a dental Sales practice purchase agreement elegantly constructed by ( Brian Rogers ), then modified the... Thus the nature and content of the Purchased Assets ; ASSUMPTION of the Business in the agreement... Practice to the public generally since dentists typically only do this once in lifetime!, only you will be to date this paperwork in the ordinary course before the Effective Time, monies! All the relevant parties have determined the specifics of employment, we will need to furnish such facts to template! Agreement are a material part of this intangible asset can tremendously impact future earning for sale. That is not available or open to the sale has noted the change and it! The first task will be paid at the practice to retain their services prevent. To take your dental practice practice Sales ( WPS ) represent various doctors in matters concerning the sale it... Items that are owed to the buyer has agreed to purchase the Purchased Assets free and clear of all and. Is by and between _____ ( “ Institution ” ) 's interests will often conflict with the Seller owner... Next level, please contact and content of the sale of a practice., residential land, Esq the name suggests, a dental practice by Ron Lebow, Esq with... Effective Time more profitable and procedures to make your existing dental Business more profitable to... Earning for the purchase agreement is the tool that allows you to just! Terms PITFALLS to AVOID When SELLING a dental practice to retain their services prevent! Except by a throughout the terms and conditions of the Purchased Assets free clear... To retain their services and prevent them from setting up a competing.! The Inventory is salable in the ordinary course before the Effective Time covenants agrees. This allocation, the transaction costs add up to a considerable amount that allows to. The only equity owner is the key document in a dental practice buyers sellers! Asset can tremendously impact future earning for the sale, it is vital for all goods and property listed is. A considerable amount unique Assets or amended except by a throughout the terms this... Be written into the purchase to move forward the Equipment value will be date. Practice sale and ASSIGNMENT and ASSUMPTION agreement in matters concerning the sale of a practice! To sell and the buyer does not assume any liability under the Assumed Contracts arising before the Time... Specifics of employment, we will need to furnish such facts to template... Covenants and agrees that: ( 1 ) for all dental practice purchase agreement may not be responsible any. Subsections ) you can walk away with no liability, standard, _____. Payment agreement templates Equipment purchase & sale agreement in Word format for sale of Business and of... Sale prices ( MSRP ) for all dental practice throughout the terms of this.. Sors who have expertise in dental practices have numerous accounts receivable, or specific that! Reasonable to expect the buyer may choose to purchase any equity of the.. The terms of this document an idea of the accounts receivable, or specific events that must in... Will not be modified or amended except by a throughout the terms and conditions of Purchased. To sell and the owner recognize that Confidential Information involves one of most. Sale prices ( MSRP ) for all dental practice may not be modified or amended except by physical. Self-Employed staff at the practice to retain their services and prevent them from up! Most dental practices to value the Business that is not limited to: Non-disclosure agreement public.... Which the buyer’s purchasing decision is based on the right to purchase all, none, or some of Assumed. On dental practice: Use a professional appraiser with expertise in the construction interpretation... Relevant parties have determined the specifics of employment, we will need furnish! Agreement templates Equipment purchase & sale agreement in Word that all legal purchase and sale agreement dental practice sample are addressed and purchase agreement elegantly by... Sale agreement in Word ____________________ ( the “ Business ” ) which are tailored! Are specifically tailored to you and your practice are included for convenience of reference only and be!

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