What is the definition of settlement '?
1 : a formal agreement that ends an argument or dispute. 2 : final payment (as of a bill) 3 : the act or fact of establishing colonies the settlement of New England. 4 : a place or region newly settled. 5 : a small village.
What is example of settlement?
An example of a settlement is when divorcing parties agree on how to split up their assets. An example of a settlement is when you buy a house and you and the sellers sign all the documents to officially transfer the property. An example of settlement is when the colonists came to America.
What is the meaning of settlement payment?
Related Definitions Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.
What is a settlement in legal terms?
1. An agreement that ends a dispute and results in the voluntary dismissal of any related litigation. Regardless of the exact terms, parties often choose to keep their settlement agreements private. 2. In business law, the payment, satisfaction, and closing of an account.
What are the 3 types of settlements?
Settlement Types There are generally three types of settlements: compact, semi-compact, and dispersed. Each is based on its population density.
What are the 4 types of settlements?
The four main types of settlements are urban, rural, compact, and dispersed.
How do settlements work?
A settlement agreement works by the parties coming to terms on a resolution of the case. The parties agree on exactly what the outcome is going to be. They put the agreement in writing, and both parties sign it. Then, the settlement agreement has the same effect as though the jury decided the case with that outcome.
How does settlement occur?
What is settlement? Property settlement is a legal process that is facilitated by your legal and financial representatives and those of the seller. It's when ownership passes from the seller to you, and you pay the balance of the sale price. The seller sets the settlement date in the contract of sale.
How do bank settlements work?
The settlement bank will typically deposit funds into the merchant's account immediately. In some cases, settlement may take 24 to 48 hours. The settlement bank provides settlement confirmation to the merchant when a transaction has cleared. This notifies the merchant that funds will be deposited in their account.
Does settlement mean guilty?
Lack of Guilt: When a claim is settled out of court, it means that neither party admitted to any wrongdoing and therefore, that neither party can be found “guilty.” Settling out of court essentially allows the other party to pay for his or her misconduct without assuming legal liability.
What is the purpose of a settlement agreement?
A settlement agreement is a type of legal contract that helps to resolve disputes among parties by coming to a mutual agreement on the terms. Primarily used in civil law matters, the settlement agreement acts as a legally binding contract. Both parties agree to the judgment's outcome in advance.
What is the difference between a settlement and a lawsuit?
A settlement is the formal resolution of a lawsuit before the matter is taken to court. You can reach a settlement at any point during litigation, and many cases can even be settled before a formal lawsuit is filed. Or, they can be settled the day before, or even the day the lawsuit goes to court.
What is a settlement answer?
A settlement is a colony or any small community of people. If a bunch of people build houses on the moon together, they'll have the first lunar settlement. A settlement is also the resolution of something such as a lawsuit. One kind of settlement is a place where people live.
What are the two types of settlement?
Settlements can broadly be divided into two types – rural and urban.
What is land settlement?
Strictly speaking, the term Settlement has two meanings : (i) the allotment of unoccupied land at a revenue assessment calculated at fixed rates, and (ii) the modification of the rates at which occupied land has been assessed, and at which unoccupied land will be assessed.
What are the types of settlement in geography?
There are 5 types of settlement classified according to their pattern, these are, isolated, dispersed, nucleated, and linear.