Settlement statements

[wsugrads]

What is the name of your state? Ohio

My family and I were in a auto accident and we have the settlement papers to sign but I need some advice on some of the statements. On mine, my wifes and my sons form it states "It is further understood and agreed that this settlement is the compromise of a doubtful and disputed claim..." Why did they put the word doubtful in the sentance and what does it mean?

On my son's form it says "I/we further promise to bind myself/ourselves jointly and severlly, my/our heirs, admistrators and executors to repay to the said (person of fault name) heirs, successorts and assigns any sum of money, except the sum above mentioned that he/she/they may hereafter be compelled to pay on behalf of said minor because of the said accident." Can someone put this into words that make more sense to me?

Thanks

 

[ecmst12]

It means that by accepting this money, you (and your heirs) are giving up the ability to ask for any more money in the future regarding this accident. In other words, the settlement you're getting is to be considered payment in full for your claim.

Since your son is a minor, it should also be pointed out that if you sign the forms, and it is discovered down the line that he has additional problems resulting from the accident, even if he is still a minor at that time, you still can't ask for more money for it.

 

[You Are Guilty]

Something else to consider. Many states (not sure about Ohio, maybe someone can chime in) require that any settlement involving a minor has court approval (basically to make sure the minor isn't getting the shaft).