Liability refers to the responsibility for injury or damage caused. A settlement agreement, including compensation, is often negotiated between parties. A general release legally releases the liable party from all claims. Compensation is required for enforcement, and the injured party should consult an attorney before signing.
Liability is the legal term used to describe the liability a person or entity has for any injury or damage caused. When an individual or entity is potentially liable to another person, they frequently negotiate a settlement agreement that includes compensation to the injured party in exchange for settling any claims the injured party might have against the liable party. When the injured party agrees to release the liable party from any claims it may have against the liable party, then the document that is enforced by the parties is called a general release.
Not all releases are considered a general release. In fact, many release forms only release you from specific injury claims. The most important thing to remember about a general release is that it legally releases the liable party from all claims the injured party might have against them. For this reason, anyone signing a general release form needs to be very certain that all possible injuries have been addressed in the negotiations and that the compensation they are receiving is sufficient.
As a rule, consideration, usually in the form of monetary compensation, must be given in exchange for the enforcement of a release. When a release is signed, part of the incentive for the plaintiff, or injured party, to agree to sign is that compensation is paid to the plaintiff. For example, in a personal injury accident lawsuit, a plaintiff may sign a release in exchange for an agreed amount of monetary compensation that the liable party is paying for the injuries sustained by the plaintiff.
Unlike a specific release, a general release releases the responsible party from all claims, past, present, or future, that the claimant may have against the responsible party. For this reason, an aggrieved party will not agree to sign a general release unless they have had a thorough medical exam, as well as consulted an attorney regarding any claims they may have against the liable party. Once the release has been signed, the injured party cannot return to the road and claim against the responsible party the latent injuries that did not manifest immediately after the accident that gave rise to the injury.
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