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Settlement
Barrister Amna (Alevels Academy Islamabad)
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9/8/2024
A Level Academy Islamabad
Category
📚
Learning
Transcript
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00:00
Going the distance in battle takes a mighty toll.
00:03
In court, however, two parties can come to an agreement before they go to battle and trial.
00:08
And they do this through a settlement.
00:10
A settlement is the act of determining a deal or dispute between people
00:14
without pursuing the matter through trial.
00:17
It is the alternative to full-on litigation, which can be expensive and emotionally draining.
00:23
Often, a settlement comes about when the defendant agrees to some or all of the plaintiff's claims,
00:28
thus deciding not to fight the matter in court.
00:31
Usually, this results in the defendant paying the plaintiff an agreed-upon amount of money.
00:36
Once a settlement is finalized, so is any and all litigation on that matter.
00:41
Settlements can be proposed at any time.
00:43
But the sooner the settlement, the less litigation expense.
00:47
Now, when it comes to the negotiation process of a settlement,
00:51
you want to assess, persuade, and bargain.
00:54
Assessing is where you plan and gather the appropriate information to help you bargain.
00:59
This is how your leverage is built.
01:01
Remember, information is power.
01:04
And it's not just information about the case.
01:06
It's also knowing your opponent and what motivates them.
01:10
The persuading part involves strategically sharing this information
01:13
in order to persuade the other side to settle in a way that's favorable to you.
01:17
Basically, showing your opponent what that leverage is.
01:21
And bargaining comes when actual offers are exchanged.
01:24
Handling both assessment and persuasion patiently and effectively is crucial to this part.
01:31
Using what you now know, come up with a settlement amount you want to target.
01:35
You will also want to think of points you are willing to concede
01:38
in order to get concessions from your opponent.
01:40
You will also want to choose a starting number that is bigger than your target number
01:44
in order to give yourself room to negotiate.
01:47
Once you have that number or numbers in mind,
01:49
emphasize the strongest points in your argument.
01:52
And don't hesitate to mention any emotional tolls the original wrongdoing took on you.
01:57
Also, ask the other side to justify any low offer.
02:01
Often, these are just negotiation tactics anyway.
02:04
Be careful not to bid against yourself.
02:06
When you give a number, wait for a response or a counter from the other side
02:10
before offering a different number.
02:12
Don't let silence or impatience push you into abandoning a number
02:16
that hasn't been officially rejected yet.
02:18
There's also no harm in using the offer-that-is-not-an-offer
02:22
made possible with a strategically placed what-if.
02:25
As in, what if I offered you X amount?
02:28
Would that be of interest?
02:29
It could move the process forward without actually committing yourself.
02:33
Negotiations can often be tension-filled environments.
02:36
But if you've done your homework and thoroughly backed up your side of the argument,
02:41
there is no need to be rattled.
02:43
If you want to finish a battle before it even starts,
02:46
LegalYou has the toolset with which you can build your ideal settlement.
02:50
LegalYou. Where you are your own best lawyer.
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3:35
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