SETTLEMENT

(noun) an arrangement to end a legal dispute before a final adjudication of a matter.
"The parties were unable to reach an out-of-court settlement, so the case proceeded to trial."
Other forms of the word
settle (verb): "The insurance company was eager to settle the dispute and avoid trial."
Related words and phrases
settlement conference: a court-ordered meeting between the parties where they determine whether settlement is possible and, if so, on what terms. "The court held a settlement conference with the parties."
settlement agreement: the written document in which the parties agree to the terms of the settlement. "The bank announced that it had entered into a settlement agreement with the state banking authority."
Common phrases
"The parties attempted to reach a settlement."
"Since the facts were clear and the amount in dispute was rather small, the case was amenable to settlement."
Notes:
The phrase compromise and settlement can be used regarding any legal dispute in contrast to accord and satisfaction which only applies to contract disputes.
Settlement may be reached at any time, including during the appeal phase of the case.
Source: YourDictionary