Definition of Practice Payroll Account

  1. Practice Payroll Account means the account established by WellQuest in Practice's name, and under Practice's control, into which WellQuest shall deposit $30,000 by the fifteenth day of each month following the month of services (such amount subject to revision by the mutual written consent of the parties). The primary source of the $30,000 monthly that WellQuest shall deposit into the Payroll Account shall be funds transferred from the Practice Account. However, if the Practice Account funds are not sufficient to fund the $30,000 deposit into the Practice Payroll Account, then WellQuest shall advance sufficient funds to fully fund the Practice Payroll Account.

Examples of Practice Payroll Account in a sentence

  1. Practice Account shall refer to the account set up in Practice's name pursuant to Section 5.2 hereof, into which WellQuest shall pay on the tenth day of each month an amount equal to the previous month's expected accounts receivable of the Practice, and out of which WellQuest shall make all disbursements, including disbursements to fund the Practice Payroll Account.

Definition of Practice Payroll Account in Medical Services Agreement

Practice Payroll Account means the account established by WellQuest in Practice's name, and under Practice's control, into which WellQuest shall deposit $30,000 by the fifteenth day of each month following the month of services (such amount subject to revision by the mutual written consent of the parties). The primary source of the $30,000 monthly that WellQuest shall deposit into the Payroll Account shall be funds transferred from the Practice Account. However, if the Practice Account funds are not sufficient to fund the $30,000 deposit into the Practice Payroll Account, then WellQuest shall advance sufficient funds to fully fund the Practice Payroll Account.