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If a settlement is reached: 2.5% 
of the final amount per party

THE OUT OF COURT SETTLEMENT IS A CONTRACT

An out of court settlement is a legally binding agreement between parties to resolve a dispute outside of court. Constructing one does not require complex forms or legal procedures.  It requires only a simple contract between willing parties.

Unless otherwise indicated, a valid contract is formed by the sole exchange of consents between parties having the capacity to contractThe law does not require a particular form to demonstrate exchange of consents between parties.

Therefore, whether it is a wet signature on a document, an exchange via email, fax, or speech, or even filing in a form on the Internet, as long as clear exchange of consents is demonstrated, an enforceable contract exists.

BIDSETTLE’S OUT OF COURT SETTLEMENT

As a valid contract, BidSettle’s Out of Court Settlement constitutes a legally binding obligation. It is proof that existing parties reached a monetary agreement in order to settle their dispute.

BidSettle’s unique Out of Court Settlement offers the following safeguards:

  1. Enforceable proof of settlement;
  2. 30 days’ time for the debtor (party owing the money) to pay the creditor (party owed the money) the full amount indicated in the agreement;
  3. If the 30-day deadline has passed, the creditor has two options:
    • ignore the Out of Court Settlement and ask for the full amount due (or any other amount);
    • use the court system to enforce the opposing party’s obligation to pay the amount indicated in the Out of Court Settlement.
  4. It’s confidential:
    • unless required by law, the parties must refrain from divulging settlement details to any person, except counsel and/or financial advisors. In the case of a grievance, information may be divulged to the employee’s immediate family and to the employer, as required, to execute the terms of the Settlement.

PRACTICAL TIP

  • If you hired a lawyer, provide him/her with a copy of the Out of Court Settlement as soon as possible.