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Document Description
The Traffic Accident Full and Final Settlement Agreement is a document that outlines the terms and conditions for the settlement of a traffic accident between two parties, Party A and Party B. The document begins with a brief introduction, stating that no personal injury is involved in the accident and that both parties agree not to make any complaint to the jurisdiction state police.
The agreement consists of five sections:
1. Confirmation of No Personal Injury: Both parties confirm that no personal injury is involved in the accident and agree not to make any complaint to the jurisdiction state police.
2. Payment of Settlement Amount: Party A agrees to pay Party B a sum of currencyamount (inclusive of interests and costs) as a full and final settlement of all claims, including personal injuries, property damages, negligence, breach of statutory duties, and breach of common duty of care.
3. Release of Liability: Party B agrees to release Party A, his/her insurer(s), agents, servants, successors in title, and any other person or persons connected to him/her from any injury, damage, losses, and expenses arising out of or in connection with the traffic accident.
4. Acknowledgment and Agreement: Party B acknowledges and agrees that the settlement sum is inclusive of interest and costs. Upon full payment of the settlement sum, the released parties are fully released, exonerated, and discharged from all actions, claims, proceedings, damages, costs, and expenses related to the traffic accident. Party B also undertakes not to make any claim against any third party or receive any payment or compensation arising from the accident. In the event of default, Party B agrees to indemnify the released parties.
5. Receipt of Payment: Party B acknowledges the receipt of full payment of the settlement sum from Party A.
The Traffic Accident Full and Final Settlement Agreement is an important document as it ensures that both parties agree to settle the accident without involving personal injury claims or legal actions. It provides a clear understanding of the settlement amount, release of liability, and the consequences of defaulting on the agreement. By signing this agreement, both parties can avoid future disputes and legal complications.
How to use this document?
Step-by-step guidance for using the Traffic Accident Full and Final Settlement Agreement:
1. Confirm No Personal Injury: Both parties should confirm that no personal injury is involved in the accident and agree not to make any complaint to the jurisdiction state police.
2. Payment of Settlement Amount: Party A should agree to pay Party B a specific sum of currencyamount (inclusive of interests and costs) as a full and final settlement of all claims, including personal injuries, property damages, negligence, breach of statutory duties, and breach of common duty of care.
3. Release of Liability: Party B should agree to release Party A, his/her insurer(s), agents, servants, successors in title, and any other person or persons connected to him/her from any injury, damage, losses, and expenses arising out of or in connection with the traffic accident.
4. Acknowledgment and Agreement: Party B should acknowledge and agree that the settlement sum is inclusive of interest and costs. Upon full payment of the settlement sum, the released parties are fully released, exonerated, and discharged from all actions, claims, proceedings, damages, costs, and expenses related to the traffic accident. Party B should also undertake not to make any claim against any third party or receive any payment or compensation arising from the accident. In the event of default, Party B should indemnify the released parties.
5. Receipt of Payment: Party B should acknowledge the receipt of full payment of the settlement sum from Party A.
By following these steps, both parties can effectively use the Traffic Accident Full and Final Settlement Agreement to settle the accident without involving personal injury claims or legal actions. It is important to ensure that all terms and conditions are clearly understood and agreed upon before signing the agreement.
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