A friend of mine recently got in an accident (his fault) It's about 800 dollars in damage but they want to settle it outside of insurance. Any idea what a standard contract for this should be worded. Obviously he needs to protect himself if he's giving a check so how would something like this be written. Any additional recommended procedures?
Dont know all the details but from what I understand the guy who got hit would also get a rate hike as well. I don't understand the logic behind that at all but that's why they both want to avoid going through the insurance.
not sure but just google "legal forms", there is one brand called Blumberg which makes a whole spectrum of them. The key thing though is to take any standard form contract and add some language, that goes: " A, in exchange for due and lawful consideration consisting of X, hereby releases party B from any claims, actions, causes, blah blah blah blah arising out of [incident]"
I allowed a young woman that hit me a view years ago to pay out of pocket to avoid raising her insurance rates. It seems that a basic signed statement saying that the $800 dollar amount was received and was considered full payment for the damage would be sufficient.
That's pretty much correct - also if you google the term "settlement agreement" you'll find a bunch of samples that you can alter to your needs.
