4 Types of Lawsuit Settlements

Accidents and disputes are inevitable. We don’t know how and when it will happen. In serious cases such as personal injuries and death caused by accidents, a lawsuit may be necessary. It must be properly litigated to solve the problem. However, in other cases, settlement is another option to resolve the dispute between the two parties.

Lawsuit settlements are agreements between two disputing parties to resolve a legal case, either before or after a trial action. Lawyers of both parties negotiate to settle the problem, but in some cases, both parties talk to resolve the dispute without asking for legal help or filing a case in court. The following are possible settlements for the most common types of legal cases.

Monetary Settlement

This type of settlement usually involves cases such as money disputes. It may be problems about debts or business agreements. In this case, both parties agree to a certain amount of money as compensation and to acquit the other party on all counts. For monetary settlement, there are two types: structured and lump sum. Structured settlements are predetermined amount of money to be paid on a monthly or yearly basis, depending on the agreed terms. On the other hand, lump sum settlements require the full amount of money to be handed over at once.

Personal Injury Settlement

Personal injury is one of the most common types of cases which can claim settlement of medical bills. Accidents can cause either simple injuries such as cuts and bruises or more serious ones which need immediate help. Medical expenses depend on the severity of the injury of the victim. If the victim needs to undergo a surgery, then this may be included in the settlement of the problem. Hospital bills as well as medicines should also be paid by the person at fault.

Car Accident Settlement

Some car accidents are also resolved by settlements. In cases which involve medical assistance, the person at fault should shoulder the expenses in the hospital. In almost all cases, vehicle accidents involve the settlement of the damage of the car. The party at fault is responsible to pay for the repair of the damaged parts. Some cases also require the person at fault to look for the specific parts needed to be repaired or replaced.

Work Injury Claim Settlement

On-the-job injuries are very common cases which can involve settlements. The most common types of injuries at work are often caused by slips and falls, unsafe work practices or dangerous work equipment. Disease acquired from work is a more serious case which can be caused by exposure to hazards such as asbestos or silica dust. In these cases, the employer is responsible for shouldering the medical expenses of the employee involved in the accident happened in his/her workplace. The worker is also compensated for the time he/she is not able to work due to the acquired injury.

These are just some of the most common ways on how to settle a lawsuit without a lawyer. It is important that you know your rights and your responsibilities in order to get a fair compensation. In any case, these types of settlements may work best for you if you encounter such disputes. These will surely save you from wasting so much time and money in finding a good lawyer and getting into litigation.

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