Texas Insurance Code 541.157 – Contents of Settlement Offer
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Terms Used In Texas Insurance Code 541.157
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A settlement offer made by a person against whom a claim under this subchapter is pending must include an offer to pay the following amounts, separately stated:
(1) an amount of money or other consideration, reduced to its cash value, as settlement of the claim for damages; and
(2) an amount of money to compensate the claimant for the claimant’s reasonable and necessary attorney’s fees incurred as of the date of the offer.