The long-term service contract dilemmaApril 23, 2020Imagine this… After many, many years of practice, you've sold your three-doctor clinic, Four Legged Friends Veterinary Hospital, to an associate who had been with you for several years, leaving you and your spouse able to retire to the sunny coast of Florida. One day you go to the mailbox and find an ominous-looking letter sent by an out-of-state law firm. Its contents inform you the firm represents the outside laboratory company your practice used for many years. It also advises you that since Four Legged Friends Veterinary Hospital has not been using their client's services for the last several months, you are in breach of contract. Not only that, but there are three years remaining on your contract. Since you agreed to the contract and signed it personally, the lab is expecting $60,000 in compensation from you for its loss of business. The letter states the money will go toward repayment of the loan you were given by the lab when you signed the contract. Wait, what? You thought the $60,000 was a signing bonus. The company wants to be paid within 30 days or it will proceed with collection by filing legal action against you for breach …
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