An auto accident settlement agreement, often called a "release," is a waiver of claims executed by the victim, or potential plaintiff, in a car accident. The release should contain sufficient information to constitute the complete agreement of the parties.
Identification of the Accident
The release should state the date and location of the subject accident. This helps to specify exactly what the parties are settling.
Identification of Claims
The release must state what claims (bodily injury, property damage, lost wages, etc.) the claimant is releasing in exchange for the settlement payment. While some auto accident settlement agreements are general releases of all claims, sometimes parties settle property damage and later litigate bodily injury claims.
Identification of the Parties
The release should specifically identify the parties and their respective roles--which party is releasing a claim and which party is being released.
Identification of the Payment
The release should specify how much money the potential defendant is paying in exchange for the release of claims.
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