5 year contract

[Doc1401]

Is it ever justifiable to sign a 5 year contract? If so, what would those scenarios be?

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[TexasPhysician]

Many contracts are multiple years but have “outs” every year. Creates less paperwork.

Others are multi-year in exchange for high bonus and early leave results in repaying part of the bonus.

 

[WisNeuro]

A contract of that length would depend entirely on what the "outs" are.

 

[Doc1401]

I see it with 20,000 dollar sign on bonus / stipend jobs but five years seems somewhat exploitative

 

[Doc1401]

A contract of that length would depend entirely on what the "outs" are.

Many contracts are multiple years but have “outs” every year. Creates less paperwork.

Others are multi-year in exchange for high bonus and early leave results in repaying part of the bonus.

Do you have any example of what the “outs” might be, which may make such a situation desirable?

 

[WisNeuro]

20k sign on bonus/stipend for a 5 year contract. No thanks. My wife got more than that for a 2 year contract and an ok "repay" if you left after 1 complete year. The outs would depend on what you have to repay if you leave after 1 year, 2 years, 3, etc. To me, that bonus seems pretty low. I'd personally re-negotiate or walk. As a psychologist, I got a higher bonus than that when broken down by year, with no non-compete clause in my contract. I imagine you can do much better being more in demand in most areas.

 

[Doc1401]

20k sign on bonus/stipend for a 5 year contract. No thanks. My wife got more than that for a 2 year contract and an ok "repay" if you left after 1 complete year. The outs would depend on what you have to repay if you leave after 1 year, 2 years, 3, etc. To me, that bonus seems pretty low. I'd personally re-negotiate or walk. As a psychologist, I got a higher bonus than that when broken down by year, with no non-compete clause in my contract. I imagine you can do much better being more in demand in most areas.

I am curious if I should walk simply because of the sign on bonus being low, and five year contract or if a salary of 300,000 a year could make this intriguing? 1:5 call, 2,500 dollar stipend per month for one year. Outpatient 1 hour visits for new evals, 30 min follow ups. Call includes NP and you handle it by telephone but if it is a weekend call you cover the unit and possibly consults. Rural.

 

[WisNeuro]

I am curious if I should walk simply because of the sign on bonus being low, and five year contract or if a salary of 300,000 a year could make this intriguing? 1:5 call, 2,500 dollar stipend per month for one year. Outpatient 1 hour visits for new evals, 30 min follow ups. Call includes NP and you handle it by telephone but if it is a weekend call you cover the unit and possibly consults. Rural.

Is it the sign on bonus plus the stipend, or either/or?

 

[Doc1401]

Is it the sign on bonus plus the stipend, or either/or?

Both

 

[heysexylady]

Is it ever justifiable to sign a 5 year contract? If so, what would those scenarios be?

The only time I would consider it.... 8f there was student loan repayment. Like 200 grand or smth. I would never sign a contract that is more than two years. Are you considering this for visa or smth. Five years is too long to sign a contract.