Definition of "Settlement" :

noun: termination of a business operation by using its assets to discharge its liabilities

noun: the act of colonizing; the establishment of colonies

noun: something settled or resolved; the outcome of decision making

"They finally reached a settlement with the union."

noun: a conclusive resolution of a matter and disposition of it

noun: a community of people smaller than a town

noun: a body of people who settle far from home but maintain ties with their homeland; inhabitants remain nationals of their home state but are not literally under the home state's system of government

noun: an area where a group of families live together