Learn More About the Pros & Cons of Settling Your Claim
After being injured in a motor vehicle accident, you may be faced with many new and unfamiliar issues. While litigating a car accident case can be a lengthy, drawn-out process, settling your claim can result in a quicker resolution and, in turn, less time to receive your recovery.
A settlement is a formal, final, and written resolution of a dispute between two or more parties without the use of typical judicial intervention through hearings or a trial. Although this sounds complicated, the reality is that settlements are significantly less complicated than the lengthy and costly alternative of pursuing litigation. There are several pros and cons to settling your claim, which we will discuss in more length below.
To speak to an experienced car accident attorney in Durham about your particular case, please call Wallace Pierce Law at (919) 313-2737 or contact us online using our free case evaluation form.
What Is a Settlement?
A “settlement” is a term of art that refers to a formal and final resolution of an actual controversy between two or more parties without judicial intervention through a hearing or trial. While this may sound incredibly complicated, the reality is that settlements are significantly less complicated than the alternative of a lawsuit and legal proceedings.
Settlements are typically considered voluntary, in that the parties mutually agree to resolve a dispute out of court. While a settlement will often involve the defendant agreeing to pay a defined sum of money to the plaintiff, the plaintiff will also be agreeing to sign a release of liability in favor of the defendant. It is worth noting that settlements can happen at any time; however, timing is still very important to both the defendant and the plaintiff. Regardless, both parties to a settlement will naturally seek to reach a settlement that they regard as fair and reasonable in light of the facts and circumstances as they understand them.
Advantages of Settling Out of Court
A significant majority of compensable personal injury claims settle out of court, and there are several good reasons for this fact. However, the basic rationale for why most personal injury claims settle out of court can be reduced to the fact that settlements are faster than trials, less expensive, and significantly less risky. Let’s explore this a little further:
