Can I Withdraw from My Settlement Agreement?
If you've already agreed to a settlement with your employer and suddenly had a change of mind, you're probably wondering if you can back out of the agreement. Perhaps your medical bills are larger than you originally assumed, or you have unexpected expenses relating to your treatment or recovery. You may decide that you want to withdraw from the settlement and pursue additional compensation damages after all. Let's find out if it is possible to back out from such an agreement and what could be the process of doing it.
Can I Change My Mind on a Settlement Offer?
It depends on the agreement you've already reached with your employer. A settlement agreement is a contract, and a contract can be renegotiated at any time before it is finalized and executed. If you have agreed to a specific settlement amount, but now you feel this amount is not enough, you can ask your employer to revise their offer. The employer may agree to do that, or they may not.
If the employer doesn't agree to increase the settlement amount, you can still try to convince them that the new circumstances make it impossible for you to accept it. For example, if your medical expenses have increased significantly, you could try to explain what additional expenses you have and how much they have increased your original medical bill. If the employer still refuses to raise the settlement amount, you can withdraw from the settlement agreement unilaterally and still pursue your workers' compensation claim.
Why Back Out of a Settlement Agreement?
There are several reasons why you would want to back out from a settlement agreement. Often, it's simply because the terms of the settlement are insufficient to cover your medical bills and other losses, or because you believe that your employer will be able to come up with additional compensation. You might have decided to settle your case because you were in a hurry to receive some money to cover your medical bills or start receiving some income.
Now, you may think that you've been shortchanged by the agreement or that you can do better. You may have experienced some changes in your life or circumstances since you signed the agreement with your employer that may affect the amount of compensation you receive.
The Implications of Withdrawing from a Settlement
If you decide to withdraw from the settlement agreement and go back to pursuing a workers' compensation claim, this can have several implications. This can be a complicated process, so don't try to do it yourself. Instead, get professional help from an experienced workers' compensation attorney who can explain the implications and help you with the process.
Changing or withdrawing from a settlement agreement has significant implications on your future rights and benefits. Be sure to explore all the options and discuss the pros and cons with an experienced attorney before making any decision.
Going through with workers' compensation claims and settlement agreements shouldn't be dealt with on your own. You need the help of a skilled work accident lawyer to guide you throughout the process. Pacific Workers', The Lawyers for Injured Workers, is the kind of partner you need to back you up and your claims. We represent injured workers throughout Northern California. Call us at (800) 606-6999 for a free consultation today.