Structured Settlement with No Litigation Pending - Lum Plus Periodic Payments
Category:
State:
Multi-State
Control #:
US-1341185BG
Format:
Word;
Rich Text
Instant download
Definition and meaning
A structured settlement with no litigation pending is a financial arrangement typically resulting from a personal injury claim or other legal disputes. This agreement allows a claimant to receive payments in a predefined schedule rather than a lump sum, enabling them to cover medical expenses, lost wages, and other costs arising from their injury.
Who should use this form
This form is suitable for individuals who have reached a settlement agreement without pursuing litigation. It is ideal for those who prefer regular, consistent payments, particularly in cases involving personal injuries, where ongoing medical costs may be anticipated.
Key components of the form
The form includes several critical sections:
- Parties involved: Identifies the claimant, opponent, and insurer.
- Details of the incident: Describes the circumstances leading to the claim.
- Settlement terms: Outlines payment amounts, schedules, and conditions.
- Absence of admission: Clarifies that agreeing to the settlement does not constitute an admission of liability by the opponent.
- Default provisions: Details consequences of missed payments.
Common mistakes to avoid when using this form
When completing this form, be mindful of the following common errors:
- Inaccurate information: Ensure that names, addresses, and dates are correct.
- Missing signatures: All involved parties must sign the agreement for it to be valid.
- Failure to include attachments: Any referenced exhibits or additional documents should be attached.
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