Agreement for Sale of Physician's Practice
Agreement made this ____ day of ________, 19__, between ________, hereinafter called the vendor, and ________, hereinafter called the purchaser.
1. Whereas the said vendor has for many years past exercised his profession of physician and surgeon at ________, in the county of ________, and is now desirous of retiring from his practice at ________ aforesaid, and the said purchaser is desirous of establishing himself as a physician and surgeon at said ________, now therefore, the said vendor agrees to sell to the said purchaser, who agrees to purchase, the said practice and the good will and benefits thereof from the ____ day of ________ next, together with all the fixtures, furniture, medical books, surgical and other instruments and apparatus, and all the drugs, medicines, bottles, and other things now used therein, for the sum of ________ dollars; in confirmation of which purchase the purchaser, upon the execution of these presents, has paid the sum of ________ dollars by way of deposit and in part of the purchase money.
2. The said vendor further agrees that, on the payment of the residue of the said purchase money as hereinafter mentioned, he will fully and absolutely deliver over and assign to the said purchaser, his executors, administrators, or assigns, the said practice or business, and the good will thereof, for his and their own absolute use and benefit; and likewise the full and uninterrupted possession of the office in which the said practice is now carried on by him, together with the fixtures, furniture, books, instruments, apparatus, and things now used in and relating to the said practice.
3. The said vendor will introduce and recommend the said purchaser to his patients, friends, and others, as his successor; and will use his best endeavors to promote and increase the prosperity of the said practice or business.
4. The said vendor will not reside or practise either as physician or surgeon, or act directly or indirectly as partner or assistant to or with any other physician or surgeon practising ________ either at ________ aforesaid, or elsewhere, within ________ miles thereof.
5. The said purchaser, in consideration of the agreements on the part of the vendor hereinbefore contained, hereby further agrees to pay him, his executors, or administrators, ________ dollars, by installments as follows: one-half part thereof on the ____ day of ________ next, upon receiving the full and peaceable possession of the said practice, office, good will, fixtures, furniture, books, and things hereinbefore mentioned, and the remaining half part thereon on the ____ day of ________ next.
In witness, etc.