FAQs About Settlement AgreementsTrusted Content
Legally reviewed by:Erik Abrahamson, J.D. December 17, 2018
While we’ve all seen and heard about dramatic trials and jury verdicts, the truth is that most personal injury cases end in a settlement agreement before trial. While the facts surrounding settlement agreements are case-specific, there are some questions we can help answer when it comes to settlements.
What is a settlement agreement?
A settlement agreement is a formal agreement between you and the other party that you will drop your lawsuit, or decline to pursue a lawsuit, in exchange for a certain amount of money. This typically happens after a lawsuit has been filed and each side has the opportunity to see the strengths and weaknesses of each other’s case.
Do I have to accept a settlement agreement?
Settlement agreements are based on the premise that both parties agree before it takes effect. While your attorney may recommend that you agree to a settlement, the decision is ultimately yours to make.
Why should I settle my claim?
When presenting you with a settlement agreement, your attorney will discuss with you the specific reasons why it may be advantageous to settle your claim. No matter what the facts and legal issues are in a case, putting the decision in front of a jury can be a gamble. There are no guarantees, and sometimes it can make more sense to take the safe road instead of taking a risk and trusting a jury with your case.
Why would the other party want to settle a case?
Fear of uncertainty can also make an opposing party willing to settle a case. If it is financially better for them to settle rather than take their chances at trial, then they will do so. This is where having an attorney on your side can be very helpful. An experienced attorney can show an opposing party how strong your case is and why you may win at trial. This would encourage the opposing side to agree to sit down and negotiate a settlement.
How long does it take to settle a personal injury claim?
The length of time it takes to settle a personal injury case is entirely dependent on the specific facts of a case. Factors like the extent of an accident and the types of injuries sustained all play a role in negotiating a settlement agreement.
Contact a Trusted Attorney
If you’ve been injured due to someone’s negligence and you would like more information about settlement agreements, you should consult with an experienced personal injury attorney. Contact the trusted lawyers at Abrahamson & Uiterwyk online or call us at 1-855-293-5630 to schedule your free consultation.