What legal impact does a "Stipulation" have between parties?

A "Stipulation" in legal terms is a formal agreement between parties involved in litigation. When parties enter into a stipulation, they agree on certain facts or procedural aspects of the case, which can significantly streamline the litigation process. By acknowledging specific facts as uncontested, a stipulation can reduce the number of issues that need to be resolved at trial, thereby saving time and resources for both the court and the parties involved.

This legally binding nature of a stipulation means that once both parties have agreed to its terms, they are obligated to adhere to those terms unless the stipulation is modified by the court. It holds significant weight in the legal process because the court can enforce the stipulation as part of the case, so both parties must abide by it unless they reach a new agreement.

Other options present concepts that do not accurately reflect the nature of stipulations. For instance, a stipulation is not merely a non-binding agreement or an informal negotiation; rather, it carries the authority of a binding commitment. Additionally, while stipulations can sometimes impact procedural matters, they do not determine the venue of a case, which is usually governed by jurisdictional statutes and rules rather than agreements between parties.