1. An official and legally binding agreement or resolution of a dispute, debt, or claim, typically documented in writing and following established legal procedures
The formal settlement of the lawsuit required both parties to sign the agreement in the presence of their lawyers.
O acordo formal do processo exigiu que ambas as partes assinassem o contrato na presença de seus advogados.
2. The process of finalizing a transaction, such as a real estate purchase or financial transaction, through official documentation and legal procedures
The formal settlement of the property sale took place at the title company's office.
O acordo formal da venda do imóvel ocorreu no escritório da empresa de títulos.
3. In legal contexts, the official conclusion of a case or dispute through mutual agreement rather than court judgment
The formal settlement between the two companies ended years of litigation.
O acordo formal entre as duas empresas encerrou anos de litígio.