- A document that contains the details and conditions of a settlement. It describes whom must pay, the amount to be paid, and to whom the money is to be paid.
contract, agreement, arrangement, finding
Related Terms and Acronyms
- Abstract of Judgement — Definition,
- A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.
- Arbitration — Definition,
- A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
- Collateral Source Rule — Definition,
- In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Lawsuit — Definition,
- A suit brought before a court in order to remedy an alleged injustice.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Liquidation — Definition,
- To settle the outstanding debts by selling property.
- To convert into cash.
- The practice of selling or redistributing some or all of a business's assets in order to repay debts or pay investors if the business becomes insolvent or is sold in full or in part.
- Loss Settlement Amount — Definition,
- The percentage of damages an insurer is contractually obligated to pay for after a claim.
- Settlement — Definition,
- An agreement between the parties of a legal case.
- Tort — Definition,
- An act that causes harm or loss.
- Tort Law — Definition,
- Civil law or the laws that govern civil lawsuits.
- Tortfeasor — Definition,
- A party who commits a tort (a civil wrong).