Understanding Key Factors in Settlement Agreements

August 15, 2017 | By Colombo Law

Most accidents or incidents that lead to personal injuries could have been avoided had the individual who caused the injuries exercised more caution before acting, or failing to act in cases in which there was a responsibility to act. Because of one individual’s negligence, another person suffers injuries and looks to obtain monetary compensation for the injuries sustained. Of all the personal injury claims filed each year, the majority of the cases settle outside of court. To achieve the maximum amount of relief in settlement cases, the help of an experienced attorney is necessary. This will help you or your loved one’s strategically plan and negotiate with the legal counsel for large insurance companies. For assistance with a settlement claim, contact Colombo Law today.

Many individuals speak with one of our attorneys and indicate their interest in quickly settling a case and keeping the matter out of court. While this is understandable given the financial impact an accident or incident has on a family, our goal is to ensure that you and your loved ones are satisfied with your settlement. It is important to remember these points before accepting or rejecting a settlement offer:

Do Initial Prep Work

Prior to settling a case, the injured party must be sure that all of the initial prep work is completed. This often entails seeking medical attention to determine the extent of an injury, the recommended treatment plan, and the length of recovery. It also involves knowing what other damages have been sustained including lost wages, future lost wages and any mental health treatment. In most cases, a settlement agreement waives the right to any other form of recovery that prohibits parties from seeking more compensation in the future. Therefore, completing the initial prep work is crucial in settlement cases.

Read the Terms

The most important part of a settlement agreement is reading the terms of the offer and ensuring that you understand what the terms of settlement are and what they mean for you and your loved ones. To properly do this, it is important to speak with an attorney. Language in a settlement agreement may initially seem easy to understand, but every word in a settlement agreement has legal consequences. In addition, once a settlement is entered into, there are very few grounds that will allow you to withdraw the agreement. Therefore, we highly recommend having one of our attorneys to assist you in reviewing the agreement or requesting that modifications or clarifying words be used.

Give and Take

When a case is being negotiated for settlement, all parties involved must understand that negotiation and strategic planning are key to successful settlements. The terms of a settlement offer must be considered on a case by case basis. While there are some hard and fast monetary amounts some are unwilling to go below due to the strength of their case, it is important to consider the overall package being offered. It is also important to understand that if you are willing to settle a case, you will not be retrieving all of the relief you are requesting. The key point in a settlement agreement is to dispose of a case in such a way that leaves all parties relatively satisfied. However, you should speak with an attorney to determine whether the terms of a particular settlement offer will meet your needs.

Contact Colombo Law

At Colombo Law, we spend time with our clients, to ensure that all of their questions are answered and that they have a clear understanding of the terms of their settlements. If you would like more information on how we can assist you, contact the personal injury attorneys at Colombo Law today.