Medical partnerships, transfers, and assistantships / by William Barnard and G. Bertram Stocker.

  • Barnard, William, 1856-1935.
Date:
1895
Catalogue details

Licence: Public Domain Mark

Credit: Medical partnerships, transfers, and assistantships / by William Barnard and G. Bertram Stocker. Source: Wellcome Collection.

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    amount for the time being outstanding from the date of the commencement of the period of intro- duction until the respective dates of payment] for the due payment of which the purchaser has pre- vious to the execution of these presents given to the vendor the security following that is to say:—] The purchase-money is usually paid one half on the signing of the transfer deed, and the balance at the end of the intro- duction, the latter moiety being secured to the satisfaction of* the vendor. If the introduction is short the most convenient form of security is the payment of the second moiety into a bank in the joint names of the vendor and purchaser, as pro- vided in clause 4. Otherwise the most usual security is a promissory note signed by the purchaser and some person of sound financial position, or a form of guarantee, such as that appended to this deed; the latter being preferable when the outstanding portion of the purchase-money is subject to de- ductions or does not become due for some considerable time (c). If the balance of the purchase-money is payable at the end of the introduction no interest is charged ; if there are any deferred payments interest is sometimes charged, but by no means invariably. Under exceptional circumstances the vendor may be willing to accept the practice itself as security for the payment of the balance of the purchase-money. The following proviso should then be inserted so that the vendor may take up again or re- sell the practice in the event of the next instalment not being paid when it becomes due. In such a case the vendor should retain the tenancy of the house and sublet it to the purchaser until the last instalment has been paid ofi (r<?). (c) See note on clause 11. {d) Occasionally it may become necessary to agree to accept a con- siderable portion of the purchase-money by instalments spread over a long period. A proviso that, on non-payment of any instalment, the practice should revert to the vendor, and that he should retain all instal- ments paid, would not be legally valid. To obviate this, the practice might remain the property of the vendor (the purchaser being in the position of a locum tenens, paying the vendor fixed periodical sums out of the profits, and retaining the balance for his services) until a sum equal to the agreed amount had been paid out of the profits, whereupon the practice should become the purchaser’s property. The vendor should have the right, on default of payment of any of the periodical sums, to
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