The timespan between an accident and reaching a settlement can be long. Naturally, when a victim finally reaches this phase, they want to sign the release as quickly as possible to release the desperately needed funds. However, remember that this form is a legal document, and the fine print included within it is important.
1. Claim Release
Sometimes, just because a settlement has been reached it does not mean that the case is final. Particularly when it comes to younger victims or individuals with injuries that could progress, the victim has the right to request further compensation at a later date. Keep in mind, however; this option is only available if you have not agreed to release the plaintiff of any further claims. All settlement agreements will include details about whether or not signing the document releases limits the plaintiff of any further responsibility. If you fail to read the fine print, sign the document, and later find out that you need further compensation, you may not have a legal path forward. If you have any concerns about future issues, you should not agree to release the plaintiff.
2. Disclosure Agreement
If the settlement agreement is from a large company or corporation, it's not uncommon for their attorney to include a disclosure agreement with the document that might limit what you can discuss about the settlement. For example, if you failed to read over this part of the form, and posted about the settlement amount on social media, the company could come after you to retract the funds from the agreement or sue you. The disclosure terms could even prevent you from mentioning that you reached an agreement, so make sure you read the fine print to avoid legal action against you.
3. Payment Terms
The agreement will outline exactly how the settlement award will be paid out. Commonly, these awards are paid in one lump payment. However, there are instances when the payments are broken up, especially with high-value settlements. Make sure the payment terms are the same as what was previously agreed upon and it is a schedule that will allow you to meet your repair or medical treatment needs. It's best to negotiate these details with an attorney. The case is not closed until the agreement is signed, so don't hesitate to renegotiate the settlement if necessary.
Never sign a release document without it being reviewed by an attorney to ensure you are protected. Learn more about legal documents by working closely with a personal injury attorney.
