What a typical personal injury settlement negotiation looks like?
If you are curious about how do the injury settlements negotiations work then you are at the right place because this article elaborates on that. It is good to know how a settlement works so that when an expert Miami personal injury lawyer is working with you to get a settlement, you are aware of the process.
What is an out-of-court settlement?
A majority of personal injury claims that are made in the court are settled in negotiations that are made out of the court by the parties involved in it. People prefer this type of outcome of such a case because through these settlements they can avoid the hassle of going to court hearings.
What are the steps of a typical negotiation?
The first step of demanding compensation is calculating the damages that have taken place as a result of the accident in question. These calculations there are two types of calculations that are supposed to be done: Special damages and general damages.
- Special damages: These are the damages that are economic losses and money is the only thing that can rectify or substitute the damage. Things like wages lost due to the injury, medical expenses, property damage, funeral and burial expenses, and, the losses due to an earning capacity lost. While calculating these damages, a person has to include the expenses that have already occurred and the ones that will occur in the future due to the injury.
- General damages: Under these damages, those losses that are non-economic in nature are covered, which means that money can only be a rough substitute for these losses. They would include things like emotional distress, loss of reputation, humiliation and embarrassment, pain and suffering, loss of consortium, etc.
After you have calculated the amount of your claim, you will make some adjustments in the value of your claim which will be dependent on factors like multiple defendants, liability, mitigating damages, characteristics of the plaintiff, etc.
Once you have made all the adjustments required at the final amount of your claim, you give the demand letter to the other party. However, the process doesn’t stop here as the other party urges you to review the offer. The parties arrive at an agreeable number, the negotiation is completed the case is settled out of the court.
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