Does this piece of text from a settlement agreement seem right?

[fstep2]

What is the name of your state (only U.S. law)? NJ

So i made a settlement agreement (fairly small amount so getting a lawyer isn't worth it) for a civil suit. the defendant asked me to sign a release agreement but one part of it seems a bit iffy to me. Does the following seem like they're implying that they have already paid the agreed upon settlement amount?

(For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, including without limitation, payment by "Company X" to "My Name" the amount of $x. The undersigned customer "My name" hereby forever releases from all legal claims, actions, suits, and demands**************.....)

I'm referring to the "receipt and sufficiency of which are hereby acknowledged" part. Doesn't the word receipt being acknowledged imply that i already got it?

 

[Zigner]

If they're paying you what you want, then it's fine. It means that you have no further claim against them (in this matter.)

You give this to them concurrently with receiving the money of course.

 

[fstep2]

If they're paying you what you want, then it's fine. It means that you have no further claim against them (in this matter.)

You give this to them concurrently with receiving the money of course.

well the thing is they're another state so they want me to send them the signed paper first and then they send the check, which is why i'm having an issue with that line.

isn't me saying that i acknowledge receipt of payment the same as me saying they already gave me money which they haven't yet?

 

[Zigner]

I would change the wording to read "upon receipt of..."

 

[latigo]

I would change the wording to read "upon receipt of..."

I don’t see why when the OP’s signature to the document as written will serve to acknowledge receipt of the agreed settlement figure.

" . . . the receipt and adequacy of which is hereby acknowledged”.

Plus, it would needlessly convert the instrument from an executed settlement agreement to an executory contract requiring a separate instrument signed by the OP acknowledging the other party’s performance.

All the OP needs to do is as you say. Sign, but don't deliver until paid!

 

[tranquility]

Doesn't that put the same problem onto the other fellow? Here's my check on your unwritten promise that it covers the entire amount you were damaged. While I agree the wording would complicate things, such settlements are often done by people face to face. These guys are in different states.

 

[musicman654321]

Hi,

Sounds like you are dealing with an attny from the other party.

I don't see a problem signing it. I see your concern though.

You can still sue them & then this document would be a defense for them. Its not something I would produce in front of a judge if I were them (and did not pay you). File a verified complaint if needed & you can.

If you don't sign it, your option is a civil suit anyways.