set·tle·ment n
1: the act or process of settling
2 a: an agreement reducing or resolving differences; esp: an agreement between litigants that concludes the litigation
the states finally agreed upon a settlement and a consent decree — W. J. Brennan, Jr.
entered into a property settlement prior to the divorce
b: a formal and permanent grant or conveyance
c: the sum, estate, or income granted or paid under a settlement
if the monetary limits of a defendant's insurance policy can be discovered in order to obtain reasonable settlement s — J. H. Friedenthal et al.
3: closing
settlement costs
4: the transfer of funds between a payor bank and a collecting bank in order to complete transactions for customers
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.