What Is a Full and Final Settlement?
A full and final settlement is an agreement between the plaintiff and the defendant (or their insurer) to resolve a personal injury claim completely, with no future claims permitted regarding the incident. Once agreed upon, the plaintiff receives a lump sum or structured payment in exchange for releasing the defendant from further liability.
Key Features of Full and Final Settlements
- Comprehensive Compensation: Covers medical bills, lost wages, and pain and suffering, among other damages.
- No Future Claims: The settlement bars the plaintiff from reopening the case for additional compensation, even if new injuries or expenses arise.
- Legal Finality: Both parties agree to resolve the dispute without further litigation or appeals.
Importance in Personal Injury Cases
- Efficiency: Settlements avoid the time and cost of a trial.
- Fairness: Ensures victims are compensated for both current and anticipated future damages.
- Legal Guidance: Attorneys help plaintiffs evaluate offers to ensure they are adequate and comprehensive.
Victims should carefully consider the terms of a full and final settlement, as it permanently closes the case.
