What You Should Know about Settlements and Releases
Settlement agreements and releases are common legal instruments used in accident cases. Understanding what these legal documents involve and how they can affect the outcome of your case is vital. We can help you get through the legal process and are glad to answer your questions.
What is a settlement agreement?
A settlement agreement is a legally binding contract that parties agree upon outside of court. In effect, the settlement ends the dispute between the parties involved. Typically, settlements include payment for medical treatment, pain and suffering, lost wages and damage to property. A signed settlement signals the end of litigation.
What is a release?
A release of liability goes hand in hand with a settlement agreement. The release prohibits the injured party from suing for additional medical expenses or compensation for damages regarding the same accident. It releases the at-fault parties from further obligation.
Before signing a settlement agreement or release, you should ensure you understand the document’s terms and discuss any questions with your attorney. Your claims process ends once you sign the settlement and release documents.
Afterward, the attorney for the at-fault party will issue a check, which your attorney will deposit into an account. The check payment covers any debts or legal fees along with the client’s compensation for damages.
What happens when an injury worsens after an accident?
Sometimes even though a doctor evaluates that the patient has reached maximum medical improvement, an injury worsens. This can happen when an injury turns out to be more severe than what was originally diagnosed.
For this reason, it is wise not rush into a settlement. You want to wait long enough to determine that more extensive medical costs are not a future possibility. As long as you have not signed the settlement agreement, your attorney can negotiate for higher compensation.
Handling Settlement Agreements and Releases for Accident Claims
The Office of Michael R. De La Paz, represents clients statewide. Whether you hail from Denison or Brownsville or somewhere in between—we can help. Initial consultations are free.