I had a car accident, i hit from the back and there is small bumper damage to both the cars, both agreed to settle it out. Now i have to pay my dues, what kind of written document should i have while paying my dues, to avoid any risks.
your inputs will be appreciated

Thanks

Hi CD's,
Any one has the format of such settlement letters in case of cash settlement for the damages in an accident.
In my case,
I was involved in an minor accident with biker (bicycle) and he fell-down with no injuries but the cycle got damaged.
I agreed to pay for the repairs.
As per the scary stories on the net, i would like to take precaution to avoid future claims though he seems to be a nice gentleman.

At the time of my payment, i would like to get a letter signed by him.
Please provide any wordings (such as liability or any other important words) or format for such letters.

Appreciated your help

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MK

If I were you , I would use the following which I just wrote :

SUB : RECEIPT

Accepted CAD NNN from ABC ( DL # ) towards full compensation for damage sustained to bicycle in a collision on MM/DD/YY HH MI SS with Honda Civic licence plate no VBGH 122 at Yonge / Eglinton .

No dues remain and no injury or health problem experienced due to the above mishappening .

Sd

DEF

Name : DEF
DL # ( )
Dated ...

Place ...

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Fido.

Thanks Fido for you input.. i have received the below format from rapid and i am incorporate your suggestion as well...
Thanks Rapid for the format
Just filled up the data but i have following questions..can you please suggest
1>Is first name of the person who is receiving the funds is ok as i dont have any details (last name, address etc)
2>I am planning to pay using credit card...but heard from some one that i should avoid any trace of payment
3>Should i include my car#, DL# and my address to be included in the letter?
4>Should i give him a copy of the letter as well ?
5>Can i replace the "ACCIDENT" from the "Title" with "INCIDENT" ?

GENERAL RELEASE—AUTO ACCIDENT OF _Mr.______________(M.Kannuri)

____(him)______________ and _______(you)______________ were in an
automobile accident in _____________ on
(Mississauga) DATE
________________. As a result of the accident, ______(him)_________ suffered damage to his vehicle, (Bicycle) and may have suffered personal injuries.
Without admitting fault, the parties wish to settle and compromise all claims arising from this incident forever.
______(you)____________ hereby pays to _______(him)______________ the sum of _____________________, receipt whereof_______(him)_________ hereby acknowledges, and __________(him____________further states that said sum constitutes complete compensation for all claims arising from said incident, whether known or unknown, and to include both property damage and any personal injuries that might have been suffered in said incident.

This General Release and payment made hereunder are intended to bring closure to this matter and any further claims shall be forever barred.

x_________________________ x__________________________
(insert his name) (insert your name)
Dated _______________ Witness_________________________
Location:

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MK

Quote:

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Originally posted by mkannuri

Thanks Fido for you input.. i have received the below format from rapid and i am incorporate your suggestion as well...
Thanks Rapid for the format
Just filled up the data but i have following questions..can you please suggest
1>Is first name of the person who is receiving the funds is ok as i dont have any details (last name, address etc)
2>I am planning to pay using credit card...but heard from some one that i should avoid any trace of payment
3>Should i include my car#, DL# and my address to be included in the letter?
4>Should i give him a copy of the letter as well ?
5>Can i replace the "ACCIDENT" from the "Title" with "INCIDENT" ?

GENERAL RELEASE—AUTO ACCIDENT OF _Mr.______________(M.Kannuri)

____(him)______________ and _______(you)______________ were in an
automobile accident in _____________ on
(Mississauga) DATE
________________. As a result of the accident, ______(him)_________ suffered damage to his vehicle, (Bicycle) and may have suffered personal injuries.
Without admitting fault, the parties wish to settle and compromise all claims arising from this incident forever.
______(you)____________ hereby pays to _______(him)______________ the sum of _____________________, receipt whereof_______(him)_________ hereby acknowledges, and __________(him____________further states that said sum constitutes complete compensation for all claims arising from said incident, whether known or unknown, and to include both property damage and any personal injuries that might have been suffered in said incident.

This General Release and payment made hereunder are intended to bring closure to this matter and any further claims shall be forever barred.

x_________________________ x__________________________
(insert his name) (insert your name)
Dated _______________ Witness_________________________
Location:

---

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Fido.