The injured victim and the culpable party almost always sign a formal settlement agreement that lays out the following terms: How much to pay and the timeline of the payments. What rights the victims give up by agreeing to the settlement
Other related actions both parties agree to take. There is typically no going back after the parties have signed the agreement and met its obligations. Settlements are irreversible. They nearly always take away the victim's ability to seek extra funds. The case is now closed.