Car Accident Private Settlement Agreement

Car Accident Private Settlement Agreement

This contract is an agreement between _______________________ (hereafter "Party 1") and _______________________ (hereafter "Party 2") for the purpose of settling costs related to a car accident without engaging their respective insurance companies.

In the interest of avoiding insurance claims, potential rate increases, and other consequences related to filing a formal collision claim, Party 1 and Party 2 hereby agree to settle the matter privately as follows:

• The collision occurred at {time} on {date} at {location}.
• Party 1 {does/does not} admit fault. Party 2 {does/does not} admit fault.
• The Parties agree that no injuries were sustained.
• Party 1 agrees to secure {number} estimates for repair of {vehicle part(s)} and present the estimates to Party 2.
• Party 2 shall pay for all repairs as quoted by the mechanic or repair shop with the lowest estimate, with the amount not to exceed {amount}. Party 2 shall not be liable for any preexisting damages to Party 1's vehicle, which are specifically noted as {list preexisting damages}. Payment will be made by Party 2 to {Party 1 directly/repair shop} within {number} days of repair.
• After payment of the above costs, Party 1 is released from any further liability arising from the accident of {date}, including but not limited to property damages or personal injury.

The Parties agree to the conditions above, fully resolving all liability, damages, and repair costs. We hereby sign to that effect on the dates noted below:

Party 1, signature & date _____________________________________

Party 2, signature & date _____________________________________

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