You are offered a settlement and you accept the proposed settlement out of court. Once both parties sign a settlement agreement and it is legally binding, the documentation will go into the hands of whoever is responsible for compensating the victim's damages, usually the at-fault party's insurance company. They have time to review the agreement and approve the payment or disbursement of the funds. Accepting a settlement offer in a personal injury claim can provide a sense of relief, but it also comes with important legal considerations and consequences.
What happens after I accept a liquidation offer? Once you accept a settlement offer, you will usually sign an agreement that exempts the other party from any other liability related to your claim. This means that you lose the right to seek additional compensation for the incident. Once you, your car accident lawyer, the defendant and your claims adjusters agree on a figure, the settlement process goes through several steps before you receive a settlement check. This process may take a while to complete.
You can usually expect to receive your compensation within one month. However, some insurance companies may delay issuing settlement checks for any reason. Once the parties sign a settlement agreement, it becomes a court ruling. The parties must then execute the judgment. The question then arises as to how one party should respond when the other party fails to take the necessary steps to enforce a judgment.
When the other party's insurance company agrees to reach an agreement, you will receive a check approximately three weeks after all of the settlement documents are submitted. This means that the other party has basically accepted responsibility for the cause of your injuries and there's nothing left to discuss. However, the defendant in a court case has the right to file an appeal. If the party to your lawsuit exercises this right, you may have to wait an additional year or two to receive the funds from your settlement if you are successful a second time. In most situations, when you accept a settlement offered by the at-fault party's insurance company, you have to sign a liability waiver.
Basically, this document states that you are being awarded an agreed amount of compensation and that you lose the ability to file an additional claim. The contract is legally binding and must be fulfilled after receiving the funds from the agreement. The exemption often states that you agree not to seek further compensation because of the accident and that you are waiving any claims that may be brought against the at-fault party. The wording of the document may also indicate that, by accepting the funds from the agreement, you are completely satisfied after the accident.
If you sign the document, you normally won't be able to take any other legal action against the defendant or their insurance provider. An attorney can help you better understand the terms of a contract before accepting it, and it's always helpful to consult with a legal professional before signing any final document.
The personal injury attorney
at Louis de Burger Law can professionally evaluate the document to ensure that it reflects the terms of the agreement and protects your rights. Your personal injury lawyer will review the document, make sure you fully understand what you are accepting, and will protect your rights. In personal injury cases, this generally involves the responsible party or their insurer agreeing to pay victims a specific amount of money.The overwhelming sense of relief that comes with signing a personal injury settlement agreement can turn into frustration if the payment process takes too long, causing you to have to deal with the financial implications.
