When a person is injured in an accident caused by a large commercial vehicle, such as a semi-trailer truck, that person may be able to file a civil lawsuit to seek damages. However, both parties may want to avoid spending time and money on litigation, so they instead may choose to reach an out-of-court settlement. Settlements in the aftermath of a truck accident can typically be of two types: lump-sum settlements and structured settlements, which makes payments at pre-determined intervals over a period of time.
Before making a decision about whether to pursue a litigated claim for damages or to reach an out-of-court settlement through arbitration, mediation or negotiation, it is important for people in Worcester, Massachusetts, and elsewhere, to know the advantages and disadvantages of both of these methods.
First is the cost factor. Out-of-court settlements are usually much quicker and cheaper than litigation. In addition, the nature of settlements is less adversarial than litigation, which allows both parties to maintain confidentiality. Also, there is no mandatory requirement for an admission of fault by either party. This, in turn, allows the parties to discuss contentious issues in detail and reach an amicable settlement.
However, truck accident victims who choose an out-of-court settlement usually forego all legal rights to pursue any further legal claims arising from the same accident. Also, there are chances that the money received from an out-of-court settlement will be much less than what the court might award to the victim as damages. Finally, the victim would not be able to publicly hold the other party accountable.
That being said, the facts and circumstances of every truck accident are different from one another, which means that while an out-of-court settlement may suit one truck accident victim, a litigated claim for damages may suit another victim.