Settlement Credit Sample Clauses
A Settlement Credit clause defines how any payments or credits received from third parties related to a claim or loss are accounted for between the contracting parties. Typically, if one party receives compensation from a third party (such as an insurer or a liable third party), that amount is credited against any damages or payments owed under the contract. This ensures that the party does not recover more than its actual loss and prevents double recovery, thereby fairly allocating financial responsibility and maintaining equitable outcomes between the parties.
Settlement Credit. In the event a Trustee is or becomes subject to a non-barred claim relating to its conduct with respect to any of the matters settled herein, such Trustee shall, subject to the remainder of this sentence, be barred from asserting any claim for contribution, setoff or non-contractual indemnification against JPMorgan to the extent such a right would otherwise exist, but shall be entitled to an offset for the greater of a dollar credit for the amount of the Allocable Share for any Trust on which the Trustee is subject to a non-barred claim or a proportionate offset based upon JPMorgan’s fault.
Settlement Credit. A credit of $24,175.29 for which Defendant has previously already paid to some Class Members with respect to claims covered by the Settlement will be deducted from the Gross Settlement Amount.