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Lottery Pool Agreement

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Lottery Pool Agreement Powered By Docstoc
					This Lottery Pool Agreement defines the rights and obligations of participants in a lottery
pool. The participants in the lottery pool agree to template provisions, such as the
drawings that their agreement will apply to, how tickets will be selected, and which prize
options will be selected. The agreement includes optional language and can be
customized to fit different situations. This agreement should be used by individuals
seeking to form a lottery pool and the terms should be agreed to at the start, before the
lottery tickets are purchased, to ensure all the participants agree to the same conditions.
      ______________________ [INSTRUCTIONS: INSERT THE NAME OF THE
  ORGANIZATION, FAMILY, BUSINESS OR OTHER GROUP WHO IS CREATING
THIS POOL AGREEMENT, E.G., “ABC, INC. EMPLOYEES” OR “SMITH FAMILY”]
____________________ [INSTRUCTIONS: INSERT THE NAME OF THE LOTTERY OR
 LOTTO GAME, E.G., “CALIFORNIA SUPER LOTTO PLUS”] POOL AGREEMENT

       The individuals identified herein (referred to hereafter as the “Participants”), and as
evidenced by their signatures below, agree to participate in and join a lottery pool for
___________________________ [Instructions: identify the period of time or specific lottery
drawing that this agreement will apply to, e.g., “the month of October 2012” or “the
October 22, 2012 California Super Lotto Plus drawing”], for the purpose of jointly playing
the ____________________ [Instructions: insert the name of the Lottery or Lotto game, e.g.,
“California Super Lotto Plus”] lottery.

[Instructions: if this agreement will apply to more than one drawing, insert the following
language]

This Agreement shall apply to the following ____________________ [Instructions: insert the
name of the Lottery or Lotto game, e.g., “California Super Lotto Plus”] lottery drawings:

    1.   ____________________ [Instructions: insert date of first drawing]
    2.   ____________________ [Instructions: insert date of second drawing]
    3.   ____________________ [Instructions: insert date of third drawing]
    4.   ____________________ [Instructions: insert date of fourth drawing]
    5.   ____________________ [Instructions: insert date of fifth drawing]
    6.   ____________________ [Instructions: insert date of sixth drawing]
    7.   [Instructions: insert as many dates as necessary]

    [Instructions: Choose ONE of the following two paragraphs depending on how many
                           drawings this agreement will apply to]
OPTION 1 [Instructions: if the pool will apply to only one drawing, insert the following
language]
Each Participant agrees to contribute and shall be liable to contribute $____. Each Participant to
the pool shall turn over all funds to the Lottery Pool Manager as identified herein for the
purchase of tickets at the same time that they sign this Agreement.

OPTION 2 [Instructions: if the pool will apply to more than one drawing, insert the
following language]
Each Participant agrees to contribute and shall be liable to contribute $____ per game played.
Each Participant to the pool shall turn over all funds to the Lottery Pool Manager as identified
herein for the purchase of tickets at least ___ [Instructions: identify the amount of time prior
to the closing time for purchase of tickets] [hours/days] (hereinafter the “Participant
Participation Deadline”) prior to the closing time for purchase of tickets for each game. In the
event that a person does not do so, [Instructions: choose one of the following] [they shall
nevertheless be liable to pay in their share of the money used, if a ticket or ticket is purchased for


© Copyright 2013 Docstoc Inc.                                                             2
them] [OR] [they shall be ineligible to share in any prizes won as a result of tickets purchased
under this Agreement.]
The Participants agree, as evidenced by their signature below, to designate ______________
[Instructions: identify the name of the person selected to serve as the Lottery Pool
Manager] as the Lottery Pool Manager for the term of this Agreement. The Lottery Pool
Manager shall be responsible for purchasing the tickets necessary to play the lottery as
contemplated under this agreement, for collecting from the Participants the funds to be used to
purchase the lottery tickets as described herein and for collection and distribution of any
winnings the Participants are entitled to under the terms of this Agreement.

     [Instructions: Choose ONE of the following two paragraphs depending on how the
                   Participants agree to choose the numbers to be played]
OPTION 1
The tickets purchased by the Lottery Pool Manager shall use numbers that are randomly
computer generated at the time of purchase.

OPTION 2
The tickets purchased by the Lottery Pool Manager shall use the following designated numbers
specifically as identified below:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________.
[Instructions: describe in sufficient detail what numbers are to be used, what order they are
to be used in, and any other details necessary to make sure the numbers chosen are
accurate to the wishes of the Participants.]
In the event that any prizes are won, the Lottery Pool Manager, who shall serve without
compensation, shall evenly divide the prize among the participants.        PRIOR TO
DISTRIBUTION BY THE LOTTERY POOL MANAGER, ANY AND ALL FUNDS WON AS
PRIZES SHALL BE CONSIDERED TO BE HELD IN TRUST FOR THE POOL BY THE
LOTTERY POOL MANAGER ON BEHALF OF THE PARTICIPANTS.
This agreement shall not automatically renew and shall expire at the end of the term as identified
herein.
     [Instructions: Choose ONE of the following two paragraphs depending on how the
             Participants agree to receive any prizes won under this Agreement]
OPTION 1
In the event of a prize being won in excess of $ ______, and settlement options are provided, the
vote of the majority of the Participants shall decide which option is to be selected. If there is no
majority, the pool manager shall decide.


© Copyright 2013 Docstoc Inc.                                                           3
OPTION 2
The Participants agree to choose to receive any and all cash prizes won [in an one-time lump sum
payment] [OR] [as an annuity].
Any Participant may withdraw at any time prior to the Participant Payment Deadline by written
notice to the Lottery Pool Manager, and their participation under this Agreement and all
obligations under this Agreement shall thereupon end, but such obligations under this Agreement
shall remain in effect for the past games (if any) played under this Agreement.
This is the entire Agreement of the Participants and there are no agreements express or implied
not stated herein. This Agreement may only be altered in a writing signed by all Participants.
Dated: ______________________________.
Accepted and agreed:


____________________________________________________
________________________[Instructions: insert name]


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DOCUMENT INFO
Description: This Lottery Pool Agreement defines the rights and obligations of participants in a lottery pool. The participants in the lottery pool agree to template provisions, such as the drawings that their agreement will apply to, how tickets will be selected, and which prize options will be selected. The agreement includes optional language and can be customized to fit different situations. This agreement should be used by individuals seeking to form a lottery pool and the terms should be agreed to at the start, before the lottery tickets are purchased, to ensure all the participants agree to the same conditions.