Simple English definitions for legal terms
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A structured settlement is an agreement between two parties to resolve a legal dispute or lawsuit. In this type of settlement, the defendant agrees to pay the plaintiff a certain amount of money over a specified period of time. This is often used in personal injury or product liability cases. It can be beneficial because it provides the plaintiff with a steady stream of income instead of a lump sum payment.
A structured settlement is an agreement between two parties to resolve a legal dispute or lawsuit. In this type of settlement, the defendant agrees to pay the plaintiff a specified amount of money periodically over a set period of time. This is different from a lump sum payment, which is paid all at once.
These examples illustrate how structured settlements work. Instead of receiving a large sum of money all at once, the plaintiff or policyholder receives smaller payments over time. This can be beneficial for both parties, as it allows the defendant or third party to spread out the payments and can provide the plaintiff or policyholder with a steady stream of income.