Are you legally bound to settle a compensation dispute if you have agreed with your own representatives in a telephone call or does it not become binding until you have signed an agreement to settle the matter?. Can you be penalised by your own reps or is nothing considered a done deal until you have signed the terms of settlement paperwork? Thanks.
2006-12-14 05:04:13 · 6 answers · asked by KEVIN T 1 in Cars & Transportation ➔ Insurance & Registration
You need to sign the agreement first for it to be legally binding.
2006-12-14 05:08:22 · answer #1 · answered by Goofy Goofer Goof Goof Goof ! 6 · 0⤊ 0⤋
It doesn't become binding until the paperwork is signed.
HOWEVER, if you verbally agreed, assuming nothing has changed (such as you learned the doctors missed something initially), then principles state you stand by your agreement.
In compensation cases, the insurance companies and the attorneys have numerous cases together. Chances are, when you told your attorney that you accept the offer, he told the insurance company. The attorney is not going to want to damage his reputation with the insurance company just because you are getting greedy. And similiarly, the insurance companies don't like when an agreement is reached and then rescinded, and they may make the claims process signficantly harder for you on the principle of it.
2006-12-15 00:39:14 · answer #2 · answered by jerry 5 · 0⤊ 0⤋
If you have agreed with your own representatives, and then change your mind, I do not believe that it is a binding contract, until and unless, those authorized to act on your behalf, so inform the other parties. If you stop your representatives, prior to this then there is no agreement. Your representatives may be upset, but they must follow your wishes.
2006-12-14 13:13:16 · answer #3 · answered by Beau R 7 · 0⤊ 0⤋
Your signature merely makes a written record of the verbal binding contract you have already agreed to. Yes, you own reps could charge you a "you wasted our time" fee if you agree, and then don't want to sign when the times comes.
2006-12-14 13:15:37 · answer #4 · answered by oklatom 7 · 0⤊ 0⤋
I would say that if your legal reps have responded to the other party, then yes you are bound. As far as things with your legal reps are concerned, I believe that they would require your signature in order to hold you to whatever terms are between you and your legal representative!
2006-12-14 13:16:01 · answer #5 · answered by Brian H 4 · 0⤊ 0⤋
Sorry, that is a verbal contract and is binding.
2006-12-14 13:07:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋