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statutory offer of settlement |
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statutory offer of settlement n. a written offer of a specific sum of money made by a defendant to a plaintiff, which will settle the lawsuit if accepted within a short time. The offer may be filed with the court, and if the eventual judgment for the plaintiff is less than the offer, the plaintiff will not be able to claim the court costs usually awarded to the prevailing party. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| If the offer of judgment is rejected by the plaintiff and the judgment finally obtained by the plaintiff is less favorable than the offer, the plaintiff "must pay the costs incurred after the making of the offer. Through an Offer of Judgment served on 21st Services' attorneys today, Coventry commits to pay 21st Services $5 million if it obtains a certification from either of the nation's two leading actuarial firms, Milliman & Robertson or Tillinghast, stating that for all of the insured individuals reviewed by 21st Services during the period from March 1, 1998 through December 31, 2004, the ratio of actual deaths to expected deaths was at least 80 percent. The Company made an Offer of Judgment which has been accepted by the plaintiff, a former chief executive officer and director of the Company. |
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