A dental partnership agreement is a legal document that outlines the terms and conditions of the partnership between two or more dentists. This agreement typically includes details about the financial arrangement, responsibilities of each partner, decision-making processes, and dispute resolution procedures. However, as time goes on and circumstances change, it may be necessary to update your dental partnership agreement. In this article, we'll explore when and why you should consider updating your dental partnership agreement.
Why Update Your Dental Partnership Agreement?
- Changes in the Practice's Financial Situation
- Changes in the Partners' Roles or Responsibilities
- Changes in the Law
- Changes in the Partnership's Relationship
When to Update Your Dental Partnership Agreement?
- At the End of the Term
- When Major Changes Occur
- When the Partnership is Restructured
How to Update Your Dental Partnership Agreement?
- Start with a Review
- Identify the Changes
- Negotiate the Changes
- Obtain Legal Advice
- Execute the Updated Agreement