The Ohio Revised Code Private Settlement Agreements: What You Need to Know
Private settlement agreements are a common way to resolve disputes in Ohio and in jurisdictions across the United States. In essence, a private settlement agreement is a contract between two parties that resolves a legal dispute without the need for a trial or other formal legal proceeding.
The Ohio Revised Code contains provisions that govern private settlement agreements in the state. Specifically, Ohio Revised Code Chapter 2711 sets forth the requirements for such agreements and establishes their enforceability.
Under Ohio law, a private settlement agreement must be in writing and signed by the parties involved. The agreement must also state that it is a settlement of a claim or a dispute and that it is entered into voluntarily by the parties. Additionally, the agreement must be notarized or acknowledged by a judge.
Once a private settlement agreement has been reached, the parties can file a notice of settlement with the court where the claim or dispute was initially filed. The court will then enter a dismissal of the case based on the settlement agreement.
One important thing to note about private settlement agreements is that they are binding on the parties involved. Once a settlement agreement has been signed and entered into, the parties cannot later back out of the agreement or attempt to challenge it in court.
It is also worth noting that private settlement agreements are generally confidential. This means that the terms of the agreement and the details of the dispute or claim are not made public. However, there are exceptions to this rule, such as when disclosure is required by law or in cases involving certain types of claims, such as discrimination or harassment.
In summary, private settlement agreements are a useful tool for resolving disputes in Ohio and other jurisdictions. By following the requirements set forth in the Ohio Revised Code, parties can enter into enforceable and confidential agreements that bring an end to legal disputes without the need for a trial or other formal legal proceeding.