Lottery Pool Agreement
How To Use
This review list is provided to inform you about this document in question and assist you in its preparation. This agreement is more well care. It is bad enough to lose with the lottery. But to win the lottery and then lose your friends over haggling about who got what would be downright silly. This agreement helps protect against that contingency for two reasons: first, you have the agreement in writing; and secondly, everyone has a chance to determine whether they “really” mean in before they sign.
- Keep multiple copies. Keep the paperwork in order as long as you elect to invest in lottery tickets.
Lottery Pool Agreement
The following individuals agree to join a lottery pool for the month of ______________, for the purpose of jointly playing the _______________ State Lottery:
_______________________ and the following games of the _______________ State lottery;
_______________________ and designate, ___________________ as the Lottery Pool Manager for this month. Each participant shall be liable to contribute $______ per game played. Each party to the pool shall turn over all funds for the purchase of tickets at least 24 hours prior to the closing time for purchase of tickets for each game. In the event that a person does not do so, they shall nevertheless be liable to pay in their share of the money used, if a ticket or ticket is purchased for them.
In the event that any prizes are won, the pool manager, who shall serve without compensation, shall evenly divide the prize among the participants, deducting any amount owed for a failure to pay a required share. ANY AND ALL FUNDS WON AS PRIZES SHALL BE CONSIDERED TO BE HELD IN TRUST FOR THE POOL BY THE MANAGER.
This agreement shall not automatically renew and shall expire at the end of the month stated.
In the event of a prize being won in excess of $_________, and settlement options are provided, the vote of the majority of the pool members shall decide. If there is no majority, the pool manager shall decide.
Any member may withdraw by written notice to the pool manager, and the pool shall thereupon end, but shall remain in effect for the past games played as a pool.
This is the entire agreement of the parties and there are no agreements express or implied not stated herein. This agreement may only be altered in writing signed by all parties.
Accepted and agreed:
Signed by All the Parties