Legal Pay Stipulation Agreement

LEGAL PAY STIPULATION AGREEMENT

This Legal Pay Stipulation Agreement (the Agreement) is made and entered into as of Effective Date: by and between Payor Name: with address and Payee Name: with address .

RECITALS

WHEREAS, Payee asserts certain claims for monetary relief and legal fees arising from the matter identified as Case or Claim Reference: ; and

WHEREAS, Payor and Payee wish to resolve payment obligations by entering into a binding stipulation that sets forth the amounts, schedule, security (if any), and remedies in the event of default; and

WHEREAS, the parties intend that, upon full and timely performance of the obligations set forth in this Agreement, Payee shall execute all customary releases relating to payment of the amounts specified herein.

NOW, THEREFORE

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement, the following terms shall have the meanings ascribed below: (a) "Stipulated Amount" means the total principal sum to be paid under this Agreement in settlement of Payee's claim, as set forth in Section 2; (b) "Installment" means each periodic payment required by the Payment Schedule. Other defined terms appear in the text where used.

2. STIPULATED AMOUNT AND PAYMENT SCHEDULE

Payor shall pay to Payee the Stipulated Amount of $ (the "Stipulated Amount"), payable in accordance with the following schedule:

Number of Installments:   Each Installment Amount: $   First Installment Due: .

3. METHOD OF PAYMENT

Payments shall be made by the method selected below and directed to the Payee at the address or account designated by Payee. Unless otherwise agreed in writing, payments shall be made in United States dollars and shall be deemed received on the date funds are available to Payee.

Check mailed to Payee address    Wire/ACH to account specified below    Other (describe below)

4. TAXES, WITHHOLDING, AND LIENS

Payee is solely responsible for all federal, state, and local taxes attributable to payments received hereunder. If Payor is legally required to withhold taxes from any payment under applicable law, Payor shall withhold the required amounts and shall timely remit such amounts to the appropriate authority. The parties acknowledge any existing liens, wage assignments, or outstanding encumbrances and agree that Payor may satisfy valid statutory liens or withholding obligations prior to disbursement; any remaining dispute regarding liens must be raised in writing to the other party within ten (10) days of notice of the claimed lien.

5. SECURITY AND COLLATERAL (IF APPLICABLE)

If the parties agree that payments will be secured, such security shall be described below and documents necessary to perfect any security interest shall be executed contemporaneously with this Agreement. If no security is provided, check here:

6. DEFAULT AND REMEDIES

A default shall occur if Payor fails to make any installment payment within ten (10) days of its due date or otherwise breaches a material term of this Agreement. Upon default, and subject to any cure period expressly provided, Payee may declare the entire unpaid balance immediately due and payable, pursue collection of the balance, enforce any security interest, and recover costs of collection including reasonable attorneys' fees and court costs to the extent permitted by law. Remedies are cumulative and in addition to any other rights provided by law.

7. RELEASE AND SATISFACTION

Upon receipt of the final payment required by this Agreement, Payee shall execute and deliver a full and unconditional release of the claims specifically identified in Recital 1, conditioned only upon actual receipt and clearance of funds. If payments are made by check, wire, or other instrument that fails to clear, the obligation to deliver the release shall be suspended until funds have cleared.

8. NOTICES

All notices required or permitted under this Agreement shall be in writing and shall be delivered by hand, nationally recognized overnight courier, or certified mail, return receipt requested, to the addresses set forth in the opening paragraph or to such other address as a party may designate in writing. Notices are effective upon receipt.

9. AMENDMENT; WAIVER

This Agreement may be amended only by a written instrument signed by both parties. No waiver of any provision or default shall be effective unless in writing and signed by the party granting the waiver; a waiver of one breach shall not constitute a waiver of subsequent breaches.

10. COUNTERPARTS

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Facsimile or electronically transmitted signatures shall be binding as originals.

11. GOVERNING LAW; VENUE

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to its conflicts of laws principles. The parties submit to the exclusive jurisdiction of the state and federal courts located in that State for any disputes arising under this Agreement.

12. ENTIRE AGREEMENT; SEVERABILITY

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, and representations, whether oral or written. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect and shall be construed so as to give effect to the parties' intentions as reflected herein.

13. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants that it has the full power and authority to enter into this Agreement, that the execution and delivery of this Agreement has been duly authorized, and that this Agreement constitutes a valid and binding obligation enforceable against such party in accordance with its terms.

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