If a resident of Alberta has been injured in a car accident, then he or she deserves to be compensated for the resulting losses. How can that be arranged? If both of the disputing parties would like to save money, an effort gets made to arrive at a settlement. At the time of a settlement, both sides agree on the amount of money that the driver responsible for the accident must pay to the injured driver.
How does the money get delivered to the deserving and waiting driver?
• It could be delivered over time, in the form of installment payments.
• It could be a lump sum payment. That is called a settlement cash payout.
What problems get introduced following the selection of either payment plan?
When payments get made by an installment plan, the recipient enjoys less security, with regard to each payment’s delivery in the future. The source of money available to the person making each payment could dry up. Then, it would be necessary to get a lien on that same person’s property, in order to obtain all the money owed by the responsible party.
The person that agrees to take a settlement cash payout ought to get prepared to handle a large sum of money. He or she must decide ahead of time how it can be placed in a safe place, such as a savings account. The same person should think seriously about how it can be utilized wisely. It helps to understand that there may be a tax on such a payout.
When does a settlement take place?
A settlement can be made at any time, after a personal injury claim has been filed. Two disputing parties can even decide to settle during the course of a trial. Then the litigation process would come to an end.
Is there any danger to arriving at a settlement?
The claimant, the two parties that have agreed on a given figure cannot make an appeal at a later date. If the victim of an accident finds that his or her medical condition had not been diagnosed properly, it becomes impossible to make an appeal. That is why personal injury lawyers in Grand Prairie do not rush the process used to settle a given case.
How does a payment made after a trial differ from one made after a settlement?
At the end of a trial, a judge and jury decide on the amount of money that the responsible party must pay to the claimant, the person that filed the personal injury claim. Hence, that amount can be as large or small as the jury wants, and the judge deems appropriate. The disputing parties must accept the decision made in the courtroom.