"Notice of Entry of Judgment" is important because it controls your right to appeal. It is a notice sent by the court or opposing counsel to start the time period within which you must file a notice of appeal, if you wish to appeal the judgment. For unlimited civil cases that period is 60 days; for limited that period is 30 days.
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To follow up to the well-written response of Mr. Daymude, in addition to giving notice to the parties, which has the effect of reducing the amount of time to appeal, it also starts the clock for post-trial motions, such as a motion for a new trial or set aside the judgment. The entry of a judgment also limits the trial court's ability to amend the judgment, except in certain limited situations, permitted by statute. This discussion applies more in the context of a jury trial, but the question posted does not state whether this was a jury or judge trial.
If this was a default judgment and you are the defendant in that case, then you need to consult with an attorney to determine if you were properly served and what steps to take next, so that the plaintiff's attorney does not promptly begin to enforce the judgment by wage garnishment and bank levy and recording an abstract of judgment to put a lien on all real property. If this was for an unpaid debt, then please contact an experienced debt collection defense attorney. The time is limited, so please do not delay if this was a default judgment. Please see link to my options blog, below.
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