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They put the agreement in writing, and both parties sign it. Then, the settlement agreement has the same effect as though the jury decided the case with that outcome. Next, the parties execute the judgment by following the terms of the settlement, including making payment.
Settlement agreements are contracts in which one party releases the other from liability in exchange for a financial payment. A settlement agreement is always in writing, and both parties must agree to the provisions in the settlement agreement.
Just like other contracts, settlement agreements are voidable if the agreeing party is coerced, defrauded, too young, or somehow lacks capacity to enter into the agreement. If this is the case, a court will likely hold a hearing to determine if a good-faith agreement was docHubed.
Kentucky law does allow an exception under Kentucky Revised Statute 387.280. Someone that has custody of a minor can receive the minors settlement if its $10,000 or less. They must spend it on behalf of the child, however.
In summary, bdocHubes of settlement agreements may lead to various legal implications such as pursuing claims, resorting to legal action, and incurring legal costs.
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People also ask

A settlement agreement is always in writing, and both parties must agree to the provisions in the settlement agreement. Also, both parties must sign the settlement agreement for it to be legally binding. A settlement agreement will resolve a civil lawsuit.
Yes, once all the necessary written concurrences are obtained, a settlement agreement is binding on both parties.
Yes, once all the necessary written concurrences are obtained, a settlement agreement is binding on both parties.

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