In New York State when a claimant enters into a funding agreement , the contract must contain certain types of information to comply with the opinion of former Attorney General Elliot Spitzer. Actually, right now a bill is pending in the Assembly to codify the Spitzer Opinion.
In a nutshell, the contract must specify how much is being advanced, what the costs and fees are, annualized rate and what will be owed by claimant for each 6 month period over a three year span. There are some other provisions as well but of much lesser importance.
If you have any questions about whout should or should not be in a funding contract, feel free to contact me.
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