In the event of an avoidable accident due to the negligence of another party, you may benefit from a settlement agreement. When you search “What is a settlement agreement?” you will find all sorts of confusing information. This post will explain it in simple terms.
Simmons Law Group can answer all your settlement agreement questions, including, “Can you reopen a personal injury case?”
A settlement agreement awards a monetary sum to the victim to relieve the opposing party of liability and keep the case out of the court system.
The Settlement Agreement Process
A settlement agreement is typically the best option in a personal injury claim. Civil disputes are costly and time-consuming, and settling out of court quickly resolves the issue.
Once the settlement process begins, the opposing party has the option to modify the agreement. This includes either acceptance or rejection. If the opposing party submits a counteroffer, the initiating party then has the modification option.
The back-and-forth negotiations may take several modifications before reaching an agreement that works for both parties. Once both parties accept the offer, their lawyers will get the agreement in writing.
If your settlement agreement is with your employer, you must work to the full extent of your notice period before receiving compensation.
Settlement agreements guarantee the initiating party receives the monetary award in a reasonable amount of time. Unlike other legal proceedings, settlements do not become public record, making them an appealing choice for the at-fault party.
When you search, “What is a settlement agreement?” you will discover that once you go through the settlement process, you forfeit the option to seek additional compensation or legal action. Going to trial may award a larger sum, but court proceedings take much longer than a settlement agreement, and there is no guaranteed outcome.
When To Consider Further Action
A settlement agreement can result in a swift resolution, but it may not always be in your best interest. Discuss the extent of your injuries with your lawyer and determine whether a settlement will cover your medical bills. If both parties cannot agree on an amount that covers all damage and medical expenses, further action may be the best choice.
The Simmons Law Group team can discuss legal requirements and contractual obligations to help you determine whether a settlement agreement is best for your case, giving you peace of mind that an experienced professional has your back.
Personal Injury Law Firm in Orlando
Each personal injury case is different. While most civil cases do not go to trial, there is no guarantee yours will not. When you work with our team, you get a professional with your best interest in mind throughout the process.
If you sustained injuries due to negligence of another party, contact Simmons Law Group in Orlando, FL, at 407-454-3000. We will answer all your questions, including “What is a settlement agreement?” and “Can child support take my personal injury settlement?“ to help you through the legal process.