3 Strategies for a Win-Win Contract
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Disclaimer: The following is a post submitted by Contract Diagnostics, a sponsor of this website.
“Contract Diagnostics is the country’s only firm 100% dedicated to Physician Contract Reviews.
Their proprietary review process focuses around educating their Physician clients on how to negotiate and ask for things, what specifically to ask for, and an overall view of the ‘deal’.”
A lot of individuals have their eyes glaze when they look at pages and pages of legalese typically found in a contract.
Because of this, these individuals just sign on the dotted line trusting that the contract is fair and in their best interest.
However there are many instances where the contract often favors the employer since it is a product created by them and thus have some inherent bias in it.
All is not lost, however, as the employee still has the power to negotiate to try and balance the scales.
I will let the founder of Contract Diagnostics, Jon Appino, take it away so that he can share some insights regarding the most important paper you sign your name to.
When you are reviewing a contract, it’s easy to feel overwhelmed.
Even if you have many years of experience in your field, it can be difficult to take in all the information and try to make sense of it.
You may even feel that the contract is weighted toward your potential employer and that you are already at a disadvantage.
Although a contract does contain a lot of information, there is simple way to ensure that it’s a win-win situation for everyone involved.
These three steps will increase the likelihood of a great outcome.
1. Ensure the contract contains enough detail.
A contract is not like a handshake.
It is a legal document that is designed to spell out your work expectations at a very high level.
It should answer questions such as these:
- What are you going to do for me?
- What am I doing to do for you?
- What happens if we part ways?
Your contract must contain details about your work schedule, work location, compensation, and other expectations.
There should be no surprises when you begin your employment since a contract is designed to prevent those potentially nasty surprises.
2. Get feedback on your specific situation.
One of the many benefits of having a professional review of your contract is that it takes your specific situation into account.
For example, if you grew up in a particular town and want to live there for many years, that is an important factor to take into consideration.
Or you might have the opposite situation where you only want to stay there for a year or two because of your spouse’s education or job.
In that case, you don’t want to be locked into a long-term contract you will regret down the road.
3. Use financial data to make a good decision.
Your contract does not exist in a vacuum.
The advantage of modern databases is that we can compare your contract to trends from the last few years.
This can be helpful since you may not be aware of trends in specific specialties.
Whether you try to find this data yourself or have a professional conduct a contract review, it is critical to compare your contract to what others in your situation are receiving.
These three strategies do take extra time and require a little bit of effort (or money if you hire someone to review your contract).
However, the results are well worth it since you can save untold heartache—and cash!—by doing them.
We can help with each of these, so please don’t hesitate to get in touch with us today.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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