Common use of Settlement Authority Clause in Contracts

Settlement Authority. The Firm retains the absolute right, at the time of the Firm’s choice, to pay the Client the amount otherwise due to the Client were the debt being collected in full at said time and settle the case. This part specifically pertains to, contemplates and authorizes, if desired by the Firm, the compromise of the attorneys fees payable to the Firm to induce settlement. The Firm also retains the right to purchase the debt being collected from the Client at any time by paying the Client a like amount and in which event the Client agrees to immediately execute such documentation as is appropriate to transfer ownership of the debt to the Firm. LEVY If a levy is commenced by the Firm the Client is entitled to the benefit of the competitive bidding process otherwise contemplated by the Sheriff’s levy and sale protocols provided for by Florida Statutes, Chapter 56. If a levy is commenced with costs advanced by the Firm, however, and there are no bidders at the levy sale, the Firm shall absolutely and exclusively be entitled to bid, as judgment credit, its advanced costs ahead of the Client’s judgment. If bidders do attend the Firm shall have the absolute and exclusive right to bid, after exhausting an amount equal to the cost deposit, with so much of the Client’s judgment as and if the Firm deems appropriate to acquire the item being levied upon, but within thirty (30) business days after the conclusion of the sale the Firm shall pay the Client a sum equal to the Client portion (60%) of the judgment amount used to bid. In such event, however, since the Firm will be making any such bids in the name of the Client as judgment holder, the Client agrees, upon receipt of the Client portion of the bid amount as referred to above, to immediately execute any and all documentation as is appropriate to transfer ownership of the item levied upon to the Firm.