Mary Carter agreement

Definition of "Mary Carter agreement"
  1. An undisclosed pact between the aggrieved party and one or several, but not all, co-accused parties that caps the responsibility of the accused parties by granting them a stake in the financial recovery granted to the aggrieved party
How to use "Mary Carter agreement" in a sentence
  1. The plaintiff entered into a Mary Carter agreement with some defendants to limit their financial liability.
  2. The Mary Carter agreement acted as a hedge for certain defendants, granting them a share in the plaintiff's recovery.
  3. Because of a Mary Carter agreement, some defendants' liability was restricted, depending on the recovery awarded to the aggrieved party.

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