As you are driving home from a girls’ weekend, you notice that a semi-truck is barreling up behind you. You can’t do anything to get out of the way, so you brace yourself for the impact.
Once you are hit by the semi-truck, you realize that you are injured. You decide to file a claim for compensation so that you aren’t stuck having to cover all of the costs. You find out that the other party involved is interested in settling the case before it goes to court.
#1: Settlements resolve the majority of cases
The majority of semi-truck crash injury cases are resolved through a settlement between the parties involved. These settlements are often the chosen method of resolution because they present a much faster and more cost-effective resolution than going to a trial. When you go through a trial, you have to wait on an available time on the court’s schedule. You also have to prepare your case and get ready for the presentation that is necessary during a trial.
#2: You can reach a settlement in a variety of ways
There are a few different ways that you can reach a settlement with the other party. Alternative dispute resolution methods, such as mediation and arbitration, are possible. In mediation, you work with an impartial third-party to negotiate the terms. In arbitration, an impartial third-party listens to both sides and makes a decision. You might also be able to negotiate with the other party. In these cases, arbitration is a binding resolution that is meant to replace a trial. Arbitration and negotiations are non-binding methods.
#3: You must pay attention to the terms
The terms of a settlement are very important. These terms outline what the other party is responsible for doing. For instance, you might not be able to disclose the terms of the settlement and the other party might not have to admit fault. Other terms, such as a payment schedule, will also be included in the settlement. Make sure that you read over all documents before you sign anything. You should make sure that you clearly understand everything.
#4: Don’t forget to think about the future
Once you agree to a settlement, you can’t come back later for more money. You need to make sure that whatever payment terms are in the settlement are sufficient for you to cover any future expenses that you have because of the accident. This is especially important if you are going to need medical care in the future.
Source: Nov. 30, -0001
