[wd_asp id=1]
In this lesson, you will learn what a settlement is, the reasons someone may choose to settle, the disadvantages of settling, and mediation.
The basics of settlement negotiation
- A settlement is an agreement to resolve a dispute.
- Negotiation is a communication process to reach a compromise or agreement.
- Settling saves court and travel costs.
- Personal matters, like illness, won’t interfere with negotiations.
- Settling avoids litigation-related stress and time.
- Sometimes parties walk away not feeling as if they’ve won.
- Conflicts aren’t always easily resolved.
- Often, neither party knows how much the other will settle for.
- Settlement negotiations also take time and patience.
- Mediation is facilitated by a third party but is more flexible than litigation.
- Mediation can end the litigation.
Transcript
A settlement is an agreement to resolve a dispute.
Negotiation is a communication process to reach a compromise or agreement.
Reasons to settle are numerous, settling saves court and travel costs.
Personal matters like illness won\’t interfere with negotiations.
Settling avoids litigation related stress and eliminates the time involved in writing motions and pleadings.
In settling, parties can be flexible with timetables and rules.
The disadvantages of settling?
Sometimes parties walk away not feeling as if they\’ve won. Conflicts aren\’t always easily resolved, and often neither party knows how much the other will settle for. Settlement negotiations also take time and patience.
Unlike two-party settlement negotiations, mediation is facilitated by a third party.
However, parties can draft their own rules and select the mediator.
Mediation can take place before or during litigation and can end litigation.
It requires consent and planning by both parties. It can also be ordered by a judge.