The worth of your dental practice is affected by the negotiation of an appropriate dental office contract. Your dentist’s office lease outlines your fee, your obligation to make improvements, and your right to reassign the space in case of a sale or move.
As a dentist, you have much negotiating power when signing a new contract or renegotiating an existing one. You are under no obligation to agree to the conditions as they are given, and you should not presume the landlord’s broker is looking out for your interests. Work with your own agent to understand the implications of various provisions for your business.
Lack of negotiation on your dentist’s office lease or a misinterpretation of important clauses may result in unwelcome restrictions on your cash flow and your ability to expand your company. Make sure you read more to get to know more.
- Options to renew: Begin with a basic term and seek options to repeat in order to obtain a suitable term.
- Rent: Make careful to research local dentist office lease comparisons.
- Duration: Typically, you should bargain for a dentist office lease period of between years.
- There are three main kinds of contracts; as a result, be sure you are aware of the costs covered by your lease.
- Assignments: If you want to transfer your business, you can seek the right to assign your lease as an asset.
- Upgrades: When signing a long-term contract, asking the owner to make tenant upgrades is not unusual.
- Personal Guarantee: Since many landlords will demand one, attempt to arrange a term that is as short as possible.
- Using signage will help patients locate your office. So, discuss signs with the landlord and ensure they are documented in the contract.
- Owning the property where your dentistry practice is situated is an enormous advantage, as is having a right of first refusal. If the owner wants to sell, try to arrange a first-choice purchase option.
- As a dentist, you will use certain hazardous materials that are uncommon in most regular business contracts. Verify that your agreement permits their use.
Consult a dental attorney to negotiate your dental office lease.
Negotiating a contract is the start of a close partnership with an owner. The owner’s reputation could be crucial to the expansion of your business successfully. Keep yourself aware of your choices to protect your company’s best interests. Contact a dental lawyer if you require help with any part of your dental business lease.