When Will I Receive Payment After Settling My Personal Injury Claim?March 26, 2016
Personal Injuries Can Cause Serious Financial Hardship
When victims of negligence seek out a personal injury lawyer in Ohio, they do so because they have sustained injuries and, in many cases, substantial financial loss. With medical bills, lost wages, and the many incidental expenses that can arise as the result of a personal injury, it is no wonder that clients are anxious to receive compensation to cover their damages. But how long after a settlement will an injured party receive the payment promised in the settlement?
Settlements Can—But Do Not Necessarily—Speed Up the Payment Process
Agreements to settle a personal injury claim are contracts. As with other contracts, the parties to a settlement agreement are free to set the terms as they choose. This means that how soon payment of a settlement should be expected is dependent on what is agreed to in the settlement agreement.
As a matter of practice, most settlement agreements will provide for prompt payment of the agreed settlement amount upon executing the contract. When dealing with large entities like insurance companies, this usually means a party will receive settlement payment within a matter of a few weeks or even a few days. When settling with an individual, who may not have funds as readily available as a large business, payment may take longer.
Defendants Sometimes Breach Settlement Agreements
In some instances, a defendant will breach a settlement agreement. This can be unintentional or it can be intentional, but either way may require further legal action to enforce the terms of the settlement agreement. Your personal injury lawyer in Ohio should continue to represent you throughout this additional legal action, but this can add months or even years to the wait for your settlement payment. While breaches are not typical, they can and do happen. For this reason, plaintiffs should never count on their settlement payment until the money has been received.
To Ensure Your Maximum Personal Injury Settlement, Contact a Personal Injury Lawyer in Ohio
If you or a loved one were injured and you would like to speak to an experienced personal injury attorney, call Lowe Scott Fisher Co., LPA for a free consultation.Back To Blog