What Happens After Mediation Settlement?
Posted on Wednesday, February 1st, 2023 at 8:58 pm
If you’ve been injured in an accident someone else caused, you might file a personal injury claim to pursue compensation. You want to resolve the claim quickly to end the stressful uncertainty and get the money. Understandably, you feel anxiety as your case proceeds through the Texas legal system. This feeling will likely continue even beyond the point when your attorney resolves your matter. Only after you receive your settlement check will you breathe easier and relax.
You may have turned to mediation as a way to settle your claim. Mediation can seem endless to anyone awaiting compensation for injuries caused by another person. Once your attorney agrees to a settlement on your behalf, it can still take substantial time for you to receive your settlement check.
What Is Mediation?
Mediation is a form of alternative dispute resolution often used to settle legal matters. In mediation, an impartial person acts as a mediator to help the parties reach an agreement on disputed issues.
Arbitration is another example of alternative dispute resolution. An arbitrator hears both sides of a legal matter and renders a final decision that resolves the issues in dispute. Unlike an arbitrator, a mediator does not render a decision on the case. A mediator offers guidance and assistance and suggests solutions so the parties can reach an agreement that resolves the issues.
Mediation is an opportunity for both parties to collaborate and exercise control over the outcome of their dispute. Reaching an agreement in mediation helps parties avoid the unpredictability of having an outcome determined by a judge.
During mediation, a mediator serves as a facilitator between the parties. A mediator may suggest solutions and uncover issues upon which the parties can agree or compromise. Mediation is typically a more expedient and less expensive alternative to litigation. It can also avoid the discord associated with litigation and help support a more positive relationship between the parties.
What Is a Mediation Settlement?
A mediation settlement is the result of a successful mediation. If you and your opponent reach a compromise that resolves all the disputed issues and all parties find acceptable, you’ll have reached a settlement. The settlement is not binding until the agreement is put in writing and signed by all the parties. As part of the settlement agreement, you’ll need to sign a release promising not to file any additional claims against the at-fault party for this accident.
Once the settlement agreement is signed by all parties, an attorney can file a copy with the court and advise the court that the legal issues have been settled. At that point, the lawsuit will be terminated.
How Long After Mediation Will I Get My Money
Multiple factors could affect how long it will take to get the cash into your hands. Among these is the determination about which type of settlement you want. You might be able to choose between a lump sum payment and a structured settlement. A lump-sum payment allows you to receive the entire settlement amount in one check. A structured settlement lets you receive multiple payments on a set schedule over time. Either can be beneficial, depending on your particular circumstances.
Different insurance companies follow distinct procedures for paying personal injury settlements. It may take longer for some companies to process personal injury settlements than it takes others. Further, if your settlement is substantial, various parties may have to sign off on the settlement before your check can be issued.
Your lawyer should receive your settlement check four to eight weeks after you sign the settlement agreement. After your attorney receives the check, they will deposit it into their trust account. Your attorney will use some proceeds of the settlement to pay any unpaid expenses and fees, satisfy any medical liens against your settlement, and their attorney fees. After paying these bills, you will receive a check for the remaining balance of the settlement proceeds.
Contact a Beaumont, Texas Personal Injury Attorney Today
If you suffered injuries due to the negligence or fault of another person, you might have the right to seek compensation for your injuries. The Beaumont personal injury attorneys of Portner Bond, PLLC have over 70 years of combined experience handling personal injury cases. We have helped our clients obtain millions of dollars in settlements.
The personal injury attorneys of Portner Bond, PLLC are dedicated to protecting the rights of our injured clients. We are committed to helping you seek justice and the compensation you deserve. Contact us today at (409) 838-4444 to learn more in a free consultation.