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 buyerâs accountant, Buyerâs 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 sellerâs 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. 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