"4. Our client has instructed us that it will contribute the sum of $550,000 inclusive of costs to an offer made to the plaintiff of $3.5 million inclusive of costs. Our client's offer is conditional upon the following: (a) That the third defendant also contribute $550,000 to the settlement; (b) that the fourth defendant also contribute $550,000 to the settlement; (c) That the eighth defendant also contribute $550,000 to the settlement (d) That the ninth defendant also contribute $550,000 to the settlement; (e) That the seventh defendant also contribute $750,000 to the settlement; (f) That each of the contributing defendants acknowledge that in funding the settlement they in part are funding the liability of the first and sixth defendants, such defendant being insured by HIH Insurance Ltd or a related insurer now placed in provisional liquidation. (g) That if the proposed offer is made to the plaintiff and accepted that all contribution proceedings between the contributing defendants would be resolved. (h) That the contributing defendants would be at liberty to pursue any liability on the part of the first or sixth defendant as joint tortfeasors to contribute. The offer is made by our client to afford it protection on the question of costs. Our client will rely on the above proposal on two grounds, namely (a) If the plaintiff is awarded an amount which equates to an amount of less than $3.5 million inclusive of costs; and/or (b) If the plaintiff is awarded an amount greater than $3.5 million inclusive of costs and the second defendant is found to be liable for an amount equating to less than $550,000."