If someone is hurt in a truck accident, they may be eligible for compensation for their injury-related losses. Many injury suits are filed in civil court, as victims seek a legal judgment against the at-fault driver. However, cases can be settled before or while they’re in court. A settlement helps the parties save money and time. In the article below, readers will find information on how settlement works, and they will learn the pros and cons of settling out of court.
Accident Settlements
Legal settlements are reached when opposing parties agree without litigation. A settlement can be reached through alternative resolution methods such as negotiations, mediation or arbitration. Mediation and negotiations are non-binding ways to agree, while arbitration processes are legally binding. In most instances, damage claims can be resolved through these alternative methods, and the Jaklitsch Law Group can use them during the litigation process.
Settlement Pros
Settling through alternative dispute resolution methods is a good choice because it is less expensive and inconvenient than taking the case to court. These methods aren’t as adversarial as litigation because parties present their evidence confidentially without admitting fault. When the parties are not defensive, they are better equipped to rationally discuss issues, and they are more likely to reach a fair agreement.
Cons of Settling Out of Court
While out-of-court settlements are preferable to litigation in many cases, there are drawbacks. Plaintiffs must typically waive the right to pursue further legal claims, and the settlement may be worth less than the plaintiff would have received had they won a court case. By settling out of court, the victim loses the chance to hold the other party liable for their actions.
Settlement Types
There are two settlement types: structured and lump sum. A structured settlement is paid over a predetermined period while a lump sum is given all at one time. All injury settlements are taxed according to classification, and the victim’s choice can affect their post-tax award.
Getting Legal Help
While settling an injury suit out of court is generally preferable to a long, expensive trial, the settlement process is complex. A victim should consult a Truck Accident Lawyer in College Park, and they should ask for an explanation of alternative resolution methods. A Truck Accident Lawyer in College Park can explain each method’s benefits and disadvantages as they apply to the case’s unique circumstances. You can visit here to get more information.
