What is a settlement agreement?

A settlement agreement is an agreement between two parties that resolves a dispute without the need for a trial or court hearing. In Hawaii, it is often used in accident law cases to resolve disputes related to personal injury cases. In these instances, one party, typically the injured victim of an accident, will file a lawsuit against the other party, usually an individual, business, or insurance provider. The two parties will then negotiate a settlement agreement, which will provide a lump sum payment to the injured party in exchange for a release of the claims that were filed in the lawsuit. In addition to providing the injured party with monetary compensation for their damages, a settlement agreement can also outline certain items that must be undertaken by both parties. This may include things such as an apology from the defendant, additional medical care for the injured party, or the payment of all related court fees and expenses. Both parties are typically required to sign the settlement agreement in order for it to be enforceable. Once both parties have signed, the agreement will be legally binding and the dispute will be brought to a close. In Hawaii, a settlement agreement is an important part of accident law that can help injured victims secure the compensation they are entitled to while avoiding a lengthy court battle.

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