If a person is injured in a truck accident, they may be able to get compensation for their injuries. Truck Accident Claims in Wichita KS are filed to gain a legal judgment and a damages award, but parties can settle at any time during or before litigation. Settlement helps both sides save money and time. Below is information on the trucking accident settlement process, as well as information on the pros and cons of settlement.
Legal settlements are reached when opposing sides reach an agreement out of court. The agreement is sometimes reached using ADR (alternative dispute resolution) methods like negotiation or arbitration. Mediation and negotiation are not legally binding while arbitration is binding and it replaces civil litigation. In most instances, a trucking accident claim can be resolved with ADR methods, and parties can go this route even if litigation is ongoing.
The Benefits of Settlement
Reaching an ADR settlement is advantageous because it is faster and less expensive than courtroom litigation. Alternative dispute resolution is not adversarial in nature because both sides can confidentially present their evidence with no admission of wrongdoing. When a party is not defensive, they can rationally discuss difficult issues, and they are more likely to reach an agreement.
While the settlement is preferable to ongoing litigation, there are disadvantages to consider. Plaintiffs must waive the right to pursue further legal claims related to the accident, and a binding agreement precludes trial rights. Settlement awards may be lower than what would have been given if the plaintiff was successful in court, and the plaintiff must forgo the ability to hold the defendant publicly liable for their actions.
There are two settlement types: structured and lump sum. Structured settlements are paid at regular intervals for a predetermined period while lump sum settlements are paid at once. Settlement choice can affect the amount received, as these settlements are taxed by classification.
Find Legal Help
While reaching a settlement is preferable in many Truck Accident Claims in Wichita KS, the process may still be complex. Plaintiffs should call a lawyer with trucking accident experience, and they should ask the attorney to explain ADR methods such as arbitration, mediation, and negotiation. Morris Laing Evans Brock & Kennedy Chartered should explain the benefits and drawbacks of each option in connection with the case’s facts.