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The function of a settlement is its main economic activity or purpose. Most settlements in MEDCs have multi-functions. This includes education, retail and industry. However, when settlements first formed they often had one main function.
A settlement agreement is a type of legal contract that helps to resolve disputes among parties by coming to a mutual agreement on the terms. Primarily used in civil law matters, the settlement agreement acts as a legally binding contract. Both parties agree to the judgment's outcome in advance.
If you and your spouse have to resolve financial and property issues, (e.g., bank accounts to divide, real estate purchased during the marriage, debt to allocate, retirement assets to distribute, alimony to be paid or received, etc.,) or if you have children together and you need to figure out custody, child support,
A settlement agreement always includes monetary and/or non-monetary consideration provided to the claimant to settle known claims against the business.
If a settlement agreement has been signed by both parties and approved by a judge, then it is legally binding and enforceable. However, after a case has been dismissed, the court no longer has the power to enforce a settlement agreement.