Following an injury which was sustained in an accident caused by another, the plaintiff is in a position in which they oftentimes file a claim in order to receive compensation for their accident related expenses.
One of the ways of settling such a claim is through a settlement agreement. In such an agreement, the parties involved in the accident will forgo the process of a lawsuit and instead choose to settle the claim through negotiations. This saves the involved parties time, as well as money.
In some cases, the defendant will simply accept the demanded monetary amount, and in others, it takes some negotiation. The ultimate goal is then the settlement agreement itself, in which the amount of the payment is then finalized. While such settlements are generally made prior to the court stage, so before the trial has even commenced, there are also cases in which the settlement is made during the process of a trial. Though this is oftentimes the result of newly emerged evidence which has tipped the likelihood of a certain outcome one way or the other.
How Is the Personal Injury Settlement Amount Determined?
Since personal injury cases are all unique in nature and circumstances, there is a multitude of factors which will ultimately influence the outcome, and thus, the damages awarded to the plaintiff. Among these influencing factors are the nature and severity of the plaintiff’s injuries, as well as the other damages the plaintiff has suffered. Among these additional damages such as damage to property, medical expenses, pain and suffering, and lost wages. This needs a lot of negotiations, to ensure that the insurance company is ready to provide you the optimum amount.
Why Do Plaintiffs Prefer Personal Injury Settlements?
The biggest reason why parties prefer personal injury settlements are the avoidance of the trial in court. An early settlement allows everyone involved to save on time and money, due to the lack of trial and court fees, as well as commute. Additionally, fairer settlements are generally reached when courts remain uninvolved since things remain subjective and truer to the unique nature of the case.
However, it should be noted that a full settlement is not always possible. Sometimes, the involved parties will reach a partial settlement and then move into the litigation stage in order to settle remaining disputes. If there is a good Personal Injury Lawyer in Brampton in your corner, they will try to ensure that you get the maximum amount as compensation in an out of court settlement.
Can Settlement Agreements Be Enforced?
Since settlement agreements are drafted with collaboratively between the involved parties, they are generally converted into a physical document which is signed by both parties in order to become enforceable, thus giving it the basic function of a contract.