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Simple English definitions for legal terms
hilo settlement
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A quick definition of hilo settlement:
Term: Hilo Settlement
Definition: Hilo Settlement is another term for a High-Low Agreement. This is an agreement between two parties in a legal case where they agree on a minimum and maximum amount of money that will be paid out in a settlement. This helps to limit the risk for both parties and can help to avoid a lengthy and expensive trial.
A more thorough explanation:
Definition: A hilo settlement is an agreement between two parties in which they agree to settle a dispute by using a predetermined range of values. This range is typically referred to as a high-low agreement.
Example: Two parties are in a legal dispute over damages resulting from a car accident. They agree to a hilo settlement with a range of $10,000 to $20,000. If the court awards damages less than $10,000, the plaintiff will receive $10,000. If the court awards damages greater than $20,000, the plaintiff will receive $20,000. If the court awards damages within the range of $10,000 to $20,000, the plaintiff will receive the amount awarded by the court.
This example illustrates how a hilo settlement works. The parties agree to a range of values that they are willing to accept as a settlement. This helps to avoid the uncertainty and expense of a trial. If the court awards damages within the range, the plaintiff receives the amount awarded by the court. If the court awards damages outside of the range, the plaintiff receives the predetermined amount agreed upon in the hilo settlement.