New Mexico Joint Petition for Lump Sum Settlement is a legal document that is used to settle a personal injury claim in the state of New Mexico. The form, which is filed with the court, is used to negotiate a settlement between the defendant and the plaintiff. It outlines the amount of money sought by the plaintiff, the payment terms, and the release of the defendant from any further liability. The form must be completed and signed by both parties and submitted to the court for approval. There are two types of New Mexico Joint Petition for Lump Sum Settlement: Unilateral and Bilateral. Unilateral Lump Sum Settlements are agreements between the plaintiff and defendant, whereby the plaintiff agrees to accept a lump sum in exchange for the release of the defendant from any further liability. Bilateral Lump Sum Settlements involve the negotiation of a settlement between the plaintiff and defendant, with the defendant agreeing to pay the plaintiff a lump sum in exchange for the release of the defendant from any further liability.
New Mexico Joint Petition For Lump Sum Settlement
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FAQ
A lump sum settlement is just what it sounds like: the insurance pays you one big chunk of money all at once and then washes their hands of their financial obligation to you. When you receive workers' compensation benefits, you will usually get a set amount per week until you are medically cleared by your doctor.
Workers' compensation provides workers with: Payments for temporary indemnity benefits if an injured worker is unable to work and earn a paycheck. Survivor benefits for survivors of those killed on the job. Dispute resolution through the WCA's ombudsman, mediation and administrative court system.
The employer must obtain a workers' compensation insurance policy. The fee for the employer is $2.30 times the number of covered employees working on the last day of the quarter.
A company with three or more employees total, and at least one working in New Mexico, whether the employment is permanent, temporary or transitory, must carry workers' compensation insurance.
Under New Mexico law, employees are entitled to certain leaves or time off, including military leave, voting leave, domestic violence leave, emergency responder leave and paid sick leave. See Time Off and Leaves of Absence. New Mexico prohibits smoking in the workplace and texting while driving. See Health and Safety.
New Mexico Supreme Court Holds Workers' Compensation is the Exclusive Remedy for Surviving Spouse of Worker Fatally Injured in Workplace Accident.
Fact-Checked Workers' Comp Statute Section§ 52-1-1, et seq.New Mexico Occupational Disease Disablement Law Statute Section§ 52-3-1, et seq.Time LimitsNotice to employer: 15 days (§ 52-1-29) 1 year to file a claim (§ 52-1-31)3 more rows