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PLAYBOOK TEMPLATES
Medical Equipment Lease Purchase Agreement
A Medical Equipment Lease & Purchase Agreement governs acquisition or leasing of medical devices and technology. This playbook addresses maintenance, warranties, and ownership transfer terms.
Audit and Inspection Rights
Negotiation strategy
Ensure audit rights are comprehensive enough to cover all necessary records and facilities. Negotiate for reasonable notice periods and remediation timelines to minimize operational disruptions.
Limit the scope of audits to essential records to protect sensitive information. Advocate for longer notice periods to prepare adequately for audits.
Essential elements
1
Audit Frequency
Annual or bi-annual audits.
2
Scope of Audits
Financial and operational records.
3
Notice Period
30 to 45 days notice.
Action framework
ACCEPT
Propose edits to adjust audit frequency, scope, and notice periods as necessary.
EDIT
Reject if the clause allows excessive audits disrupting operations.
ADD
Add if audit rights are missing to ensure compliance and transparency.
PRO TIP
Balance audit rights to ensure compliance without imposing undue burden on either party.
Real-world examples
FAVORABLE
Preferred Audit Clause
"Annual audits with 30-day notice, covering financial and operational records."
NEUTRAL
Standard Audit Clause
"The parties shall have the right to audit each other's records and facilities annually, with a 30-day notice, to ensure compliance with this agreement."
UNFAVORABLE
Excessive Audit Clause
"Quarterly audits with 10-day notice, covering all records and facilities."
Alternative scenarios & positions
High-Risk Projects
In high-risk projects, increase audit frequency and scope to ensure compliance with critical standards.
Regulatory-Specific Requirements
Ensure audits comply with specific regulatory standards such as FDA or HIPAA.
Cross-Border Transactions
Consider additional compliance requirements for audits in international agreements.
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WEEK 3
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WEEK 4
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