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Is a Termination of Contract Penalty standard

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  • #16
    If you otherwise like the job, ask to speak to other physicians who have joined in the last couple of years to get more information from the horses mouth. And then tell the administrator that a condition of you taking the job is you will not agree to any departure penalty whatsoever. Simply cross that out of the contract before signing.

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    • #17
      I have reviewed many different physician contracts (not-a-lawyer by any means, but familiar with many commonalities and can advise from this perspective, along with related to tax treatment). I have never seen this. It’s typically a repayment of the sign-on bonus, sometimes with interest, and a repayment of all or part of student loan subsidies ( both if applicable, and usually on a sliding scale), along with a non-compete for a couple of yrs. Struggling to come up with any other penalty treatment, but can’t come up with anything else at this time.
      Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #18
        Originally posted by MWprimarycare View Post
        Hello,

        I am actively searching for primary care jobs and came across an offer that seemingly had a large (>>100k) penalty for leaving before the end of the contract. This is in addition to prorating and repaying the sign on bonus. Is this typical? Thanks for insight and suggestions!
        Absolutely not typical. Run. There are too many jobs in primary care to settle.

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        • #19
          Originally posted by childay View Post
          Sounds like forum has spoken
          This is the way

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          • #20
            A non-compete is penalty enough. Scratch it or bail

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            • #21
              Lolz

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