Settlement Payment Procedures Clause Samples
The Settlement Payment Procedures clause outlines the specific steps and requirements for making payments to resolve obligations between parties, typically following a dispute or the conclusion of a transaction. It details how and when payments must be made, the acceptable methods of payment, and any necessary documentation or notifications that must accompany the payment process. By clearly defining these procedures, the clause ensures that both parties understand their responsibilities, reduces the risk of misunderstandings or delays, and facilitates a smooth and efficient settlement process.
Settlement Payment Procedures. Settlement Class Members are not required to submit a claim form to receive their individual settlement payment (“Individual Settlement Shares”). Individual Settlement Shares will be determined and paid as follows:
A. The Settlement Administrator shall first deduct from the Gross Settlement Amount the amounts approved by the Court for the following: (1) Settlement Administrator’s fees and expenses, (2) Plaintiff’s Enhancement Award, (3) Class Counsel’s attorneys’ fees, costs and expenses, and; (4) the PAGA penalties. The remaining amount shall be known as the “Net Settlement Fund.”
B. From the Net Settlement Fund, the Settlement Administrator will calculate each Settlement Class Member’s Individual Settlement Share based on the following formula:
Settlement Payment Procedures