LUMP SUM SETTLEMENT Meaning and
Definition
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A lump sum settlement refers to a one-time payment made to resolve a legal claim or financial obligation. It is a fixed amount of money that is typically paid in a single transaction, rather than being spread out over a period of time.
In legal terms, a lump sum settlement often occurs when parties involved in a lawsuit or dispute agree to a single payment to resolve the matter instead of going through a lengthy trial process. This type of settlement is commonly used in personal injury or wrongful death cases, where the injured party or their family may agree to accept a lump sum of money in exchange for releasing the liable party from any further liability.
Outside the legal realm, a lump sum settlement can also refer to a financial arrangement in which a person or organization receives a fixed sum of money to settle a debt or financial obligation. For example, an individual may negotiate a lump sum settlement with a credit card company to pay off a debt for an amount lower than the total owed.
Overall, a lump sum settlement is a single, predetermined payment made to resolve a legal or financial matter, providing a final solution without the need for ongoing payments or legal proceedings.
Common Misspellings for LUMP SUM SETTLEMENT
- kump sum settlement
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- lumo sum settlement
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