PAYMASTER AGREEMENT

PAYMASTER AGREEMENT
Thank you for selecting The Wilcox Law Firm to serve as your Attorney Paymaster. My firm is
prepared to accept and disburse funds on your behalf to ensure the integrity of your upcoming
transaction and to expedite your receipt of funds.
The goal of this letter is help you understand what you can expect from my firm, as well as what we
expect from you, so that we can work together to ensure a prompt and secure transfer of your funds.
PART I: FIRM RESPONSIBILITIES - What you can expect from me
1. Keep you informed. I will promptly notify you by email or telephone as soon as I receive any
funds on your behalf.
2. Rapid turnaround. Unless you request otherwise, I will disburse any funds I receive on your
behalf as quickly as possible. If I receive your funds during regular banking hours, my goal is to
initiate your wire transfer from my Attorney Trust Account within twenty-four (24) hours of
receipt. Whenever possible, I will disburse funds the same business day. If I receive your funds
after hours, on a weekend or during a banking holiday, I will attempt to initiate your wire transfer
the next business day.
3. Fee schedule. The paymaster fee is .25% (one quarter of one-percent) of all received funds, with a
minimum distribution fee of $500.00 USD per transaction. This fee shall considered earned in
full upon receipt of the funds into the Attorney Trust Account, and will be deducted from the
funds immediately. Any wire transfer fees or other costs incurred on your behalf will be
deducted from the funds on account.
4. Registration fee. There is a one-time, non-refundable registration fee of $250.00 USD. This fee
must be paid in advance, and cannot be deducted from any expected future disbursements.
5. Sub-fee agreement preparation. No funds will be disbursed until the sub-fee agreement is
prepared. The attorney will begin preparing the sub-fee agreement once funds have been received
into the Attorney Trust Account. If you wish to have a sub-fee agreement prepared prior to
receipt of your funds into the Attorney Trust Account, it can be prepared at the attorney’s normal
hourly rate of $400.00 per hour (this retainer fee must be paid in advance).
6. Length of agreement. This paymaster agreement shall remain in effect for a period of one year
from the payment of the registration fee. If no funds have been wired into the trust account on
your behalf during that time, your account shall be considered “inactive” and will be closed.
7. Confidentiality. I will not disclose the details of this transaction to any other party, nor will I
disclose your identity or banking information to the other parties without your consent. Please
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note, however, that I am obligated by the Patriot Act and anti-money laundering statutes to
disclose certain information to the federal government. This information may include, but is not
limited to: your name, total funds distributed, and other identifying information, such as your
social security or tax ID numbers.
PART II: SCOPE OF REPRESENTATION
Representation limited to paymaster services only. I will receive funds on your behalf into my
attorney trust account and promptly disburse them in accordance with the terms of the Sub-Fee
Agreement. The scope of the firm’s representation is limited to providing you with these
paymaster services. To avoid any conflicts of interest, I do not provide any additional legal
services or offer my counsel regarding the underlying transaction.
PART III: PAYMASTER BANKING COORDINATES
Funds to be disbursed by the Attorney Paymaster shall be transmitted by bank-to-bank wire transfer
to the following account:
Paymaster Name
Elliott Wilcox, Esq. – The Wilcox Law Firm, P.L.
Bank Name
Bank Address
Bank officer
Telephone
Facsimile
Bank Officer Email
Account name
SAMPLE DOCUMENT
Once you pay the registration fee, you will immediately
get access to the actual paymaster agreement containing
the coordinates to the trust account.
Routing No.
Account No.
SWIFT Code
ABA Code
All transfer instructions must state: “FUNDS NOT TO BE HELD IN
ESCROW - AVAILABLE FOR IMMEDIATE PAYMENT TO
BENEFICIARIES.”
Special Wire Instructions
All wire transfers shall incorporate above Text Message and a
copy of Bank Wire Transfer slip shall be emailed to:
[email protected] for legal verification and
documentation pursuant to Patriot Act/Banking regulations.
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PART IV: CLIENT RESPONSIBILITIES - What I will expect from you
1. No criminal activity. You represent that the receipt of these funds is in full and complete
compliance with the laws of the United States and that the funds are of non-criminal origin. If
my firm is asked to verify the source of funds or compliance with any domestic or international
laws, you agree to promptly submit the required documents so that I may expedite your
disbursement.
2. Provide requested tax information and banking details. You agree to provide a “Client
Information Sheet” (complete with a color copy of current passport) for each person or entity
receiving funds. Additionally, you agree to complete an IRS tax form W-9 for each United Stated
recipient (or form W-8BEN for each foreign recipient) before I wire funds to those recipients.
Finally, if requested by the bank, you agree to provide any supporting documentation required so
that I can satisfy their questions regarding the source of funds.
3. Supply written instructions for funds disbursement. You agree that all instructions regarding
the disbursement of funds on your behalf must be in writing and signed by you. Once funds are
received into the trust account, I will prepare a Sub-Fee Agreement containing disbursement
instructions that you agree to complete and execute. Any modifications to that agreement must
be in writing and signed by everyone who was listed as a recipient on the original Sub-Fee
Agreement.
I have read, understood and agree to abide by the terms of this Paymaster Agreement.
DATE:
Client’s name
Client’s title
Client’s company
Elliott Wilcox
Managing Partner
The Wilcox Law Firm, P.L.
______________________________ END OF DOCUMENT _________________________________
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