New Mexico Joint Petition for Lump Sum Settlement is a legal document that is used to settle a personal injury claim in the state of New Mexico. The form, which is filed with the court, is used to negotiate a settlement between the defendant and the plaintiff. It outlines the amount of money sought by the plaintiff, the payment terms, and the release of the defendant from any further liability. The form must be completed and signed by both parties and submitted to the court for approval. There are two types of New Mexico Joint Petition for Lump Sum Settlement: Unilateral and Bilateral. Unilateral Lump Sum Settlements are agreements between the plaintiff and defendant, whereby the plaintiff agrees to accept a lump sum in exchange for the release of the defendant from any further liability. Bilateral Lump Sum Settlements involve the negotiation of a settlement between the plaintiff and defendant, with the defendant agreeing to pay the plaintiff a lump sum in exchange for the release of the defendant from any further liability.