If you are involved in a personal injury case, you may be considering accepting a settlement offer from the other party. This is a big decision, and it’s essential to understand what will happen if you verbally accept the offer.
First, you need to understand that some verbal agreements are legally binding while some are not. If it is legally binding, it means you might lose your right to negotiate a settlement further or to sue the liable party. Therefore, before you talk to an insurance adjuster, talk to an attorney. You can still get compensation with a personal injury lawyer from Sink Law after they determine whether you still have room for negotiations. They may be able to negotiate a fair settlement on your behalf even if you verbally agreed to the sum offered by the insurance company.
However, it is wise to understand all the possible scenarios related to a verbal acceptance of an offer.
You Might Be Giving up Your Right to Sue
As mentioned, when you accept a settlement offer, you are essentially giving up your right to sue the other party. This means that you cannot file a lawsuit against them in the future if you experience further injuries or damages.
It is important to keep this in mind before accepting a settlement offer. If you do not feel comfortable giving up your right to sue, you may want to consider other options.
You Might Need to Sign a Release Form
Once you have verbally accepted the settlement offer, you might have to sign a release form. This form will state that you release the other party from future liability. In other words, you won’t be able to file another claim against them. It is important to read over this form carefully before signing it. You should make sure that you understand all of the terms and conditions. If you have any questions about the release form, ask your attorney before signing it.
The Other Party May Back Out from Their Initial Offer
It is essential to understand that the other party may back out of a verbal settlement offer at any time, although it is unlikely. In a personal injury case, insurance companies step up with a lowball offer just to make you go away. They can afford to pay you that amount just to avoid going further with negotiations or lawsuits. It is unlikely they will rescind their initial offer to present you with an even smaller one. However, it might happen.
For this reason, it is crucial to have everything in writing before accepting a settlement offer – and ensure that offer covers all your economic and non-economic damages. Once you have signed the release form, the other party will be legally bound to pay you.
You May Not Be Able to Get More Money
If you verbally accept a settlement offer, you will not likely get more money from the other party even if you change your mind and decide you need more. This is why it is important to make sure that you are comfortable with the offer amount before accepting it. You should also keep in mind that if you go to trial and lose, you may end up owing the other party money.
While nothing is official yet and you still have some wiggle room, renegotiating with an insurance company is extremely difficult without an attorney present. Your verbal agreement might not be legally binding, but the insurance adjuster will pressure you into signing the papers. Consult with a lawyer even if you are in the middle of the process and you already said you’d take the initial sum as compensation for your injuries and losses. They might still be able to help you.
More Things to Know about Accepting Settlements on Your Own
Once you have accepted a settlement offer, it may take some time for the other party to process the paperwork and send you the money. You should keep this in mind when considering whether or not to accept an offer. If you need the money right away, you may want to consider other options. Keep in mind that most settlements are paid out within 30 days. However, it is important to speak with your attorney about this before accepting a settlement offer, verbally or otherwise.
Settling your case is a big decision, and you must understand all of the implications before making a decision. These are just some things that you need to know about what happens if you verbally accept a settlement offer. If you have any questions, be sure to speak with an experienced personal injury attorney.
With a law degree under his belt, Mark Scott understood very early that law communication was a relatively neglected area. He decided to help people by “translating” the language and offering information and advice in a clear, useful, and actionable manner. For this reason, instead of finding him in court, you will most likely find his name online, where he is very active and thriving as a legal columnist. His part of making the world a better place is to make the law a less convoluted maze. He aims to make it easier for people to understand when and how to seek legal counsel, how to proceed in a significant number of legal matters, and to find the proper resources so they can stand up for their rights.
