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How Long Does It Take To Receive A Settlement Check?
If there is a lien on the settlement fund, the plaintiff can only receive the payment once the lien has been removed. If there is no lien and the plaintiff wants to get the money at once, it is advisable that he fixes the documents needed for the release of the check or payment. The adverse party also has the option to elect how payout will be rendered. He/She can propose that the compensation be paid in installments or in a lump-sum. Parties can also agree that payment must be tendered on a specific date when it is already free from all costs and deductions.
The payout of the amount agreed on a settlement between parties often comes through in the form of a check instead of cash. In other cases, the presentation of a check is a pre-condition before the plaintiff agrees to a settlement. It is usually collected by the plaintiff in the presence of his or her personal injury attorney. At this stage, depending on how much the settlement amount is or on the existing contract between him and the personal injury attorney, the personal injury attorney will deduct his share.
A personal injury lawyer’s share emanates from his right to be compensated for his services. Some personal injury lawyers operate on a contingency basis, which is when the personal injury attorney will be paid only if there is a successful litigation of the case. He will also deduct administrative costs including filing, copying, mailing and publication fees, among others. This stage will only take a few days depending on the clarity of the contract with the personal injury lawyer, and will last for five to thirty working days.
Although usually reckoned at 30-60 working days, there is still a wide array of factors to be considered when measuring the length of time it takes to receive a personal injury settlement check. If you are a personal injury claimant who has successfully gained an award or compensation, consult your personal injury lawyer on this matter.
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