The Sale Of Medical Practice Agreement is essential when a medical practitioner or group in Singapore wishes to sell their practice to another qualified healthcare provider. This document is crucial for ensuring a smooth transition while maintaining compliance with Singapore's stringent healthcare regulations. The agreement typically covers the transfer of physical assets, patient records, existing contracts, and professional goodwill, while addressing key regulatory requirements under the Healthcare Services Act and Singapore Medical Council guidelines. It's particularly important for protecting both parties' interests and ensuring continuity of patient care during the transition.
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1. Parties: Identification of seller and purchaser of the medical practice
2. Background: Context of the sale and brief description of the medical practice
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including assets being transferred
5. Purchase Price and Payment: Consideration and payment terms
6. Completion: Timing and mechanics of closing the transaction
7. Seller's Warranties: Representations about the practice, licenses, and compliance
8. Patient Records Transfer: Terms for transferring and maintaining patient confidentiality
9. Regulatory Compliance: Compliance with healthcare regulations and licensing requirements
1. Non-Compete Provisions: Restrictions on seller's future practice when protecting the practice's goodwill is crucial
2. Transition Services: Terms for seller's assistance during handover when extended transition period is needed
3. Employee Transfer: Terms for transferring staff employment when employees are being transferred
4. Property Lease Assignment: Terms for transferring lease rights when premises are leased
1. Asset Schedule: Detailed list of physical assets being transferred
2. Equipment Schedule: List of medical equipment included in sale
3. Employee Schedule: List of transferring employees and their terms
4. Contracts Schedule: List of contracts being assigned
5. Regulatory Licenses: Copies of current licenses and permits
6. Patient Notice Template: Template for notifying patients of practice transfer
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