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Contract Review: Exiting an Employment Agreement

It is crucial that you understand what is in your contract and what particular terms and conditions you should be aware of as you prepare to exit.

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What’s Inside the Guide?

Repayment of Bonuses

While bonuses or reimbursement can make a contract very attractive, they are usually accompanied by repayment obligations if the agreement is terminated early for any reason.

Tail Insurance

Understanding what type of malpractice insurance you have is vital to protect yourself from potential lawsuits in the future. Get clarity on how tail coverage will be handled before you sign.

Non-Compete and Restrictive Covenants

Get to know what is fair and regular in terms of a physician leaving a practice and what is included in your contract. Look at the scope of work, geographical area, and length of time.

Intellectual Property

Beware of over-reaching language which may claim complete or partial ownership rights to inventions, new medical devices, break-through treatments, or procedures that you develop.

Know Your Next Contract

Gain confidence in your knowledge of contracts and employment offers.

The best time to have a contract reviewed by your attorney is before you sign. An experienced attorney can identify areas that could become problems and take care of them before they do so.

The second best time to review your agreement is before you give notice to leave your current position. If you are thinking about changing employers, you need to plan your exit to create a smooth transition for both you and your employer. Having a full understanding of what both you and you employer have agreed to will help you fulfill the terms of your contract and prevent any costly misunderstandings.

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Physicians Thrive is the only contract review provider who gives physicians access to both a licensed attorney and certified financial planner with every review.

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