What is a settlement agreement?

A settlement agreement is a legal document that is reached between two parties in an accident law case. This agreement will outline a resolution or payment which both parties agree to in order to end the case. The agreement will usually be written and be signed by both parties, or in some cases their representatives, as a way of formally ending the case. In Colorado the settlement agreement is usually between the responsible party (often an insurance company) and the injured party. It will outline the agreement and any financial amount being paid to cover medical bills, lost wages, and/or pain and suffering. The settlement agreement will have to be approved by the court in Colorado as part of the agreement. The settlement should provide all parties involved in the case with a fair and definite resolution to the case and compensation to the victim for any injuries, pain and suffering, lost wages, and/or medical bills. It is important to note that a settlement agreement does not mean that anyone has admitted fault in the accident, but rather that both parties have reached an agreement on compensation for the victim.

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