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high-low agreement n
: a settlement that is contingent on a jury's award of damages and that sets a minimum amount that the defendant will pay the plaintiff if the award is below that amount and a maximum amount that the defendant will pay if the award is above that amount
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.