Career and Life Planning Guidebook for Medical Residents

R E A D : About Employer Contracts Understandably, many candidates are nervous signing a contract for the first time. Of course, the anxiety stems from being unfamiliar about the contract process, not having a legal background, and not understanding the potential consequences of signing an agreement. We hope this overview will help alleviate some of the uncertaintly and help you navigate through the employment contract process. The process of receiving a contract varies from employer to employer. It’s common for employers to provide you a draft agreement, offer letter and/ or letter of intent before you receive an executable agreement. Understanding the different parts of the contract will help you throughout the process. Draft Contract At the onsite interview or post interview, some employers will provide you with a “DRAFT” copy of the contract for transparency and to help reduce anxiety and make you more comfortable. Please note a “Draft Contract” is NOT an official offer. Offer Letter or Letter of Intent (LOI) An offer letter or letter of intent is a document outlining the understanding between two or more parties which the parties intend to formalize in a legally binding agreement. Some offers will include benefits. If the offer does not include a list of the benefits, ask for a list of the benefits for your reviewbefore you decide to accept the offer. When you sign the offer letter or letter of intent, you are agreeing to the terms of the offer. In the event you are seeking a different term than what is presented, the time to try to negotiate is before you sign the offer letter or letter of intent. Employers Use Offer Letters and LOI’s to: Express interest in you as a candidate. Gauge your interest level. Determine whether to continue to interview/ pursue other candidates. Save time and money ordering an “executable” agreement you are not ready to sign. SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 312