Define: Final Settlement

Final Settlement
Final Settlement
Quick Summary of Final Settlement

Final settlement refers to the resolution or conclusion of a legal dispute or financial transaction between parties involved. It typically involves the mutual agreement and acceptance of terms and conditions that bring closure to the matter at hand. Final settlements can occur in various contexts, including civil lawsuits, divorce proceedings, insurance claims, and business negotiations. Once a final settlement is reached and executed, it usually signifies the end of legal proceedings or financial obligations related to the issue in question.

What is the dictionary definition of Final Settlement?
Dictionary Definition of Final Settlement
n. an agreement reached by the parties to a lawsuit, usually in writing and/or read into the record in court, settling all issues. Usually there are elements of compromise, waiver of any right to reopen or appeal the matter even if there is information found later which would change matters (such as recurrence of a problem with an injury), mutual release of any further claim by each party, a statement that neither side is admitting fault, and some action or payment by one or both sides. In short, the case is over, provided the parties do what they are supposed to do according to the final settlement's terms. With the glut of cases crowding court calendars and overwhelming the system and delays in getting to trial (due to three factors: increased criminal case load, increased litigious nature of society and an insufficient number of judges), judges encourage attempts to settle, including mandatory settlement conferences with judges or experienced settlement attorneys present.
Related Phrases
No related content found.
Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 28th March, 2024.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

  • Page URL:https://dlssolicitors.com/define/final-settlement/
  • Modern Language Association (MLA):Final Settlement. dlssolicitors.com. DLS Solicitors. March 28, 2024 https://dlssolicitors.com/define/final-settlement/.
  • Chicago Manual of Style (CMS):Final Settlement. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/final-settlement/ (accessed: March 28, 2024).
  • American Psychological Association (APA):Final Settlement. dlssolicitors.com. Retrieved March 28, 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/final-settlement/