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settlement agreement

An arrangement made between two parties (or beneficiary) concerning the manner in which the parties will resolve a dispute. Normally this agreement might occur while there is litigation pending between the two parties. Usually the settlement will spell out the terms that will end this litigation. Also the terms of the settlement will be binding and will prohibit both parties from suing each other again over the original dispute.

Source : LawyerIntl.com

Language : English

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