I recently received a contract that included a signing bonus, but I have some questions about the stipulations of the bonus.
The wording of the contract states that after signing I would get $50K (minus withholding for federal and state taxes and FICA), but if do not fulfill the obligations of the contract or elect not to become a partner then I would have to pay back the entire $50K plus the share of FICA paid by the group.
Does this seem standard? By signing, I'm basically committing to become a partner and buy in, but if I don't, I will owe the practice money. My idea of a "signing bonus" is an incentive to sign the contract to work for the stipulated period of time, then partnership would be addressed later once I have worked with them.
Thoughts?
The wording of the contract states that after signing I would get $50K (minus withholding for federal and state taxes and FICA), but if do not fulfill the obligations of the contract or elect not to become a partner then I would have to pay back the entire $50K plus the share of FICA paid by the group.
Does this seem standard? By signing, I'm basically committing to become a partner and buy in, but if I don't, I will owe the practice money. My idea of a "signing bonus" is an incentive to sign the contract to work for the stipulated period of time, then partnership would be addressed later once I have worked with them.
Thoughts?
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