A settlement agreement and stipulated judgment are two legal terms that are often used interchangeably in the legal industry. However, there are slight differences between the two that are worth noting.
A settlement agreement is a legal agreement between two parties in a dispute. This agreement outlines the terms and conditions that both parties have agreed to in order to resolve the dispute. Settlement agreements can be used in a wide range of legal disputes, including employment cases, personal injury cases, and contract disputes.
A stipulated judgment, on the other hand, is a legal order that is agreed upon by both parties in a dispute. This judgment outlines the terms and conditions that both parties have agreed to as a resolution to the dispute. Stipulated judgments are often used in civil cases, such as those involving debt collection or breach of contract.
While settlement agreements and stipulated judgments are similar in that both involve an agreement between two parties, there are some key differences between the two. Settlement agreements are more flexible, as they can be revised or amended if both parties agree to the changes. Stipulated judgments, on the other hand, are final and cannot be revisited or modified unless there is a compelling reason to do so.
Both settlement agreements and stipulated judgments can be beneficial for both parties involved in a dispute. By coming to an agreement, both parties can avoid the time, expense, and stress of going through a trial. Settlement agreements and stipulated judgments can also help to preserve relationships between parties, as they are a collaborative effort to resolve a dispute rather than an adversarial one.
If you find yourself in a legal dispute, it is important to speak with a qualified attorney to understand your options for resolution. Whether you pursue a settlement agreement or stipulated judgment, having an experienced attorney on your side can make all the difference in reaching a favorable outcome.