If you get into an accident of any type that was caused by another person's or party's negligence, you may want to consider filing a personal injury lawsuit. As you go through a personal injury case, you will have to sign a wealth of documents. One crucial document is the release of the responsibility of the at-fault party and the insurance company for any other injuries you may have.
This document creates a situation in which you are not able to file additional claims against the at-fault party at the conclusion of your case. The following information should be included in the release you sign:
Your Total Settlement Figure
Your release form should include the full amount you received as a settlement for your injuries. The settlement should include an itemized list of the settlement coverage, such as hospital costs, doctor's visits, loss of property, loss of income, and other pertinent financial information.
A Summary of the Release
The release form should spell out who the at-fault party is and any other liable entities. In the summary, it will state that you do not have any intentions to make additional claims at the conclusion of the settlement.
Agreement of Indemnity
This section of the release will state that you do not hold the at-fault party responsible for those who may claim an interest against the party in exchange for the release. Essentially, this means you certify there will be no interest in placing a lien on insurance policies, government liens, or any third-party claims in exchange for the release.
Legal Fees and Taxes
A release may also include a breakdown of all the legal expenses incurred throughout the claim. The winning party of the claim will have their legal fees paid by the negligent party, which should be added to the list within the settlement figure.
Your release also should state your tax responsibility for any money you received in your settlement. You should speak to an accountant before you sign the release to ensure you fully understand this part of the document.
Confidentiality Regarding the Case and Signature
In addition, there should be a section of the release that addresses confidentiality. This part of the release will list out who you can and cannot discuss the details of the case with. For instance, you may not be allowed to speak on public forums about your claim.
Finally, you need to sign the release to certify all of this information. Do not sign anything, however, until your attorney reviews the release to ensure it is accurate.
Contact a local law firm, such as Willis Spangler Starling, to learn more.