Judgement agreement is a legal term that refers to an agreement between two parties where one party agrees to pay a certain amount of money to the other party in case of a breach of contract. The money to be paid is usually determined by a court judgement and the agreement is signed before the court issues the judgement.
Judgement agreement is also known as a consent judgement or a stipulated judgement. It is essentially a way of settling a dispute out of court.
There are several benefits of a judgement agreement. Firstly, it saves time and money by avoiding a lengthy court battle. Secondly, it gives the parties more control over the outcome of the dispute. Lastly, it provides a certain degree of certainty and finality that may be lacking in a court judgement.
To create a judgement agreement, the parties must first agree on the terms of the agreement. This should be done in writing and signed by both parties. The agreement should include the amount of money to be paid, the reason for the payment, and the date by which the payment must be made.
Once the agreement is signed, it must be presented to the court. The court will then review the agreement and issue a judgement. The judgement will be based on the terms of the agreement and will be binding on both parties.
In conclusion, judgement agreement is a useful tool for settling disputes out of court. It provides a quick and cost-effective way to resolve disputes and gives the parties more control over the outcome. If you are in a dispute with another party, consider a judgement agreement as an option for resolving the dispute.
