Contract made by partners of a business to buy the share of a disabled or deceased owner and which terms are established before the beginning of disability or death.
***
(01) An agreement among part owners of a business which says that under stated conditions i.e., disability or death, the person withdrawing from the business or his heirs are legally obligated to sell their interest to the remaining part-owners and remaining part-owners are legally obligated to buy at a price fixed in the agreement. (02) A similar agreement between an owner or part-owner of a business and a non-owner such as a key employee.
Tag: MEDICAL
By report (BR)
Documentation in the form of a report submitted with the claim when the notation BR follows the procedure code description. This term is sometimes seen in workers’ compensation fee schedules.