In business law, settlement refers to the closing of an account after all requirements (such as payment) have been satisfied. The Settlement Process in Legal Disputes Settlement can take place before or during litigation.
What does the word settlement mean?
settlement- something settled or resolved; the outcome of decision making; "they finally reached a settlement with the union"; "they never did achieve a final resolution of their differences"; "he needed to grieve before he could achieve a sense of closure". closure, resolution.
What to expect from a settlement?
- For minor injuries, they often settle for 1 to 2 times the medical bills.
- For more serious injuries, your case could settle for 10 times or more of the medical bills.
- But in most cases, it is likely that your case will settle for somewhere between 1 1/2 to 4 times your medical bills.
What is the legal definition of settlement?
Settlement definition law is used in civil suits where an agreement is issued to prevent the civil litigation from proceeding through the court system. This agreement is referred to as a settlement. When a settlement in civil litigation occurs, the defendant is agreeing to some of the claims made by the plaintiff and is deciding not to go through the process of litigation in court.
What does it mean to be settled?
What Does Settlement Mean In Legal Terms? A disagreement resolution agreement allows for voluntary dismissal of all pending litigation in order to bring to an end a dispute. Although exact details are known, most parties choose to avoid revealing settlement information. Payments, satisfaction, and debt clearance are all parts of business law.
What Is an Account Settlement?
When does account settlement take place?
What is offset in insurance?
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What is the definition to settlement?
Definition of settlement 1 : the act or process of settling. 2a : an act of bestowing or giving possession under legal sanction. b : the sum, estate, or income secured to one by such a settlement. 3a : occupation by settlers. b : a place or region newly settled.
What is settlement and example?
The definition of a settlement is an agreement that resolves a dispute, an agreement officially transferring real estate to a new party, or people making a home in a new place where no one has lived before. An example of a settlement is when divorcing parties agree on how to split up their assets.
What is the meaning of settlement in accounting?
An account settlement generally refers to the payment of an outstanding balance that brings the account balance to zero. It can also refer to the completion of an offset process between two or more parties in an agreement, whether a positive balance remains in any of the accounts.
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 are 4 types of settlement?
The four main types of settlements are urban, rural, compact, and dispersed.
What are the three types of settlement?
Settlement Types There are generally three types of settlements: compact, semi-compact, and dispersed. Each is based on its population density.
What is the meaning of full settlement?
Full and final settlement means that you ask your creditors to let you pay a lump sum instead of the full balance you owe on the debt. In return for having a lump-sum payment, the creditor agrees to write off the rest of the debt.
What is the meaning of settlement of a loan?
A One Time Loan settlement is when the lender agrees to accept a lesser amount than the entire amount that is due and agrees to waive off or write off the rest of the amount. The bank may agree to this under certain circumstances and if the reason is genuine, such as job loss or a medical emergency, etc.
How does a settlement account 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.
What is the difference between payment and settlement?
Settlement in "real time" means payment transaction is not subjected to any waiting period. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable.
What is customer settlement?
Settlement is an accounting transaction that occurs in accounts payable, accounts receivable, and the general ledger. This transaction is mainly used to settle customer invoices against customer payments or advanced payments.
What is a settlement in history?
Settlements may include hamlets, villages, towns and cities. A settlement may have known historical properties such as the date or era in which it was first settled, or first settled by particular people.
What are the two types of settlement?
Human settlements can broadly be divided into two types – rural and urban.
What is settlement of soil?
What is Settlement? Settlement is the downward movement of the ground (soil) when a load is applied to it. The load increases the vertical effective stress exerted onto the soil. This stress, in turn, increases the vertical strain in the soil. This increase in vertical strain causes the ground to move downward.
What does settlement mean in geography?
a place where people liveA settlement is a place where people live. Settlements can be as small as a single house in a remote area or as a large as a mega city (a city with over 10 million residents). A settlement may be permanent or temporary. An example of a temporary settlement is a refugee camp.
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Settlement of Accounts Sample Clauses: 285 Samples | Law Insider
Settlement of Accounts. Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be ...
Settlement of Accounts: Meaning, Definition, Examples - BYJUS
Meaning of Settlement Account: Settlement account is an account that is used in Balance of Payment (BOP) accounting to keep track of central banks’ reserve asset dealings with one other. The official settlement A/c keeps track of transactions that involve foreign exchange reserves, bank deposits, special drawing rights (SDRs) and gold.
Settlement Account Definition: 867 Samples | Law Insider
Examples of Settlement Account in a sentence. When any payment to be made for any Transaction is in the currency ("Transaction Currency") other than the currency of the Settlement Account for that Transaction ("Account Currency"), the Bank shall be entitled to convert the sum in the Account Currency in that Settlement Account into the Transaction Currency at such exchange rate(s) as absolutely ...
Examples of settlement in a Sentence
I got the house in the divorce settlement. The parties have not been able to reach a settlement in the case.
Legal Definition of settlement
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What Is an Account Settlement?
An account settlement generally refers to the payment of an outstanding balance that brings the account balance to zero. It can also refer to the completion of an offset process between two or more parties in an agreement, whether a positive balance remains in any of the accounts. In a legal agreement, an account settlement results in the conclusion of a business dispute over money.
When does account settlement take place?
In cases of two or more parties, related or unrelated, account settlement would take place when one set of agreed-upon goods is exchanged for another, even if a zero balance is not required.
What is offset in insurance?
Amounts receivable and payable to reinsurers are offset for account settlement purposes for contracts where the right of offset exists, with net insurance receivables included in other assets and net insurance payables included in other liabilities. 1.
What is settlement agreement?
A settlement is also an arrangement, often with payment of money, to end a legal disagreement without taking it to court: The actor agreed to a $100,000 settlement from the newspaper. (Definition of settlement from the Cambridge Academic Content Dictionary © Cambridge University Press)
What is an out of court settlement?
an arrangement to end a disagreement involving a law having been broken, without taking it to a law court, or an amount of money paid as part of such an arrangement: They reached an out-of-court settlement. The actor accepted a settlement of $100,000 from the magazine. More examples.
What is the main stumbling block to reaching a settlement?
Lack of willingness to compromise on both sides is the main stumbling block to reaching a settlement.
Where was the Roman settlement found?
A large Roman settlement has been discovered just outside the French town. Many Native Americans were killed during the settlement of the American West by Europeans in the 19th century. SMART Vocabulary: related words and phrases.
What did the courts later adopt a less restrictive concept of locality, recognising that settlements might embrace?
The courts later adopted a less restrictive concept of locality, recognising that settlements might embrace more than one parish.
What is the definition of settlement?
Definitions of settlement. noun. the act of colonizing; the establishment of colonies. synonyms: colonisation, colonization. see more. see less. types: population. the act of populating (causing to live in a place)
What is a settlement?
settlement. 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. This can be a community that's smaller than a town, ...
What happens when a lawsuit is settled?
A lawsuit is ended if there's a settlement — both parties make an agreement that often involves money. A settlement brings closure and resolution.
What is one kind of settlement?
One kind of settlement is a place where people live. This can be a community that's smaller than a town, like a village. Also, if one country establishes a colony somewhere else, that can be called a settlement. The other kind of settlement happens when something is settled, like the end of a disagreement.
What is property settlement?
property settlement. (matrimonial law) the division of property owned or acquired by marriage partners during their marriage. accord and satisfaction. the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt.
What is a plantation colony?
a newly established colony (especially in the colonization of North America) proprietary colony. a colony given to a proprietor to govern (in 17th century) type of: body. a group of persons associated by some common tie or occupation and regarded as an entity.
What is the settlement period?
The settlement period is the time between the trade date and the settlement date. The SEC created rules to govern the trading process, which includes outlines for the settlement date. In March 2017, the SEC issued a new mandate that shortened the trade settlement period.
What is the settlement period in securities?
In the securities industry, the trade settlement period refers to the time between the trade date —month, day, and year that an order is executed in the market— and the settlement date —when a trade is considered final. When shares of stock, or other securities, are bought or sold, both buyer and seller must fulfill their obligations to complete ...
How long is the T+3 settlement period?
Then in 1993, the SEC changed the settlement period for most securities transactions from five to three business days —which is known as T+3.
Who pays for shares in a security settlement?
During the settlement period, the buyer must pay for the shares, and the seller must deliver the shares. On the last day of the settlement period, the buyer becomes the holder of record of the security.
Do you have to have a settlement period before buying stock?
Now, most online brokers require traders to have sufficient funds in their accounts before buying stock. Also, the industry no longer issues paper stock certificates to represent ownership. Although some stock certificates still exist from the past, securities transactions today are recorded almost exclusively electronically using a process known as book-entry; and electronic trades are backed up by account statements.
What is a settlement?
A settlement is a place where people live. It can range in size from an isolated dwelling to a million city. The site of a settlement is the location where it is built. It describes the physical nature of where a settlement is located. Factors such as water supply, defence, quality of soil, building materials, climate, ...
What factors were taken into account when establishing settlements in the past?
Factors such as water supply, defence, quality of soil, building materials, climate, shelter and defence were all taken into consideration when establishing settlements in the past. The situation of a settlement is the description of the settlement in relation to physical features around it and other settlements.
What Is an Account Settlement?
An account settlement generally refers to the payment of an outstanding balance that brings the account balance to zero. It can also refer to the completion of an offset process between two or more parties in an agreement, whether a positive balance remains in any of the accounts. In a legal agreement, an account settlement results in the conclusion of a business dispute over money.
When does account settlement take place?
In cases of two or more parties, related or unrelated, account settlement would take place when one set of agreed-upon goods is exchanged for another, even if a zero balance is not required.
What is offset in insurance?
Amounts receivable and payable to reinsurers are offset for account settlement purposes for contracts where the right of offset exists, with net insurance receivables included in other assets and net insurance payables included in other liabilities. 1.