Thursday, June 13, 2013

Funny post about Apple v. Samsung payment brings reminder

A humorous fictional piece circulating on the net and in social media about the payment of a billion dollars by Samsung to Apple in the form of thirty trucks loaded with nickels reminds parties and their lawyers drafting terms of the need for providing specificity of payment terms in any settlement agreements. Though providing funds by check to the trust account of the lawyer on behalf of the client in a set number of days is the most common form of payment, the straight wiring of funds between parties' financial institutions is increasing. The wiring of money in settlement agreements often includes specific routing instructions and provides time for funds to clear. Typical time frames are 30 to 45 days from the confidential conference if a deal is reached at mediation, though the presence of insurance sometimes shortens this to twenty days. Tax consequences of business dispute payments versus personal injury settlements should also be explored. In any event, if you like Onion-style stories and need a quick laugh, see and