Statutory Offer of Settlement Law and Legal Definition
Statutory offer of settlement refers to a written offer made by the defendant to the plaintiff offering compensation by way of money or other consideration for satisfaction of his/her claim and withdrawing the suit.
The following is an example of a state statute on statutory offer of settlement:
‘If an offer of settlement is accepted in writing within fourteen days after service of the offer, the offer of settlement shall constitute a binding settlement agreement, fully enforceable by the court in which the civil action is pending.’ [C.R.S. 13-17-202].