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This form, sometimes called a liability waiver, states that you accept the amount that the insurer is paying you, and that you agree not to pursue any more claims against the at-fault driver or their insurer.
In most cases in the Philippines, the driver who caused the vehicular accident is liable for damages. If you're the aggrieved party, seek legal advice and assistance to ensure you get the compensation you deserve.
Include party and contact details: Add your name and contact details as well as the other party's full name and contact information clarifying who is the releasor and who is the releasee. Mention the accident: Cite the time of the accident and that the releasee will be released from legal obligations.
"Every owner of a motor vehicle is liable and responsible for death or injury to person or property resulting from a negligent or wrongful act or omission in the operation of the motor vehicle, in the business of the owner or otherwise, by any person using or operating the same with the permission, express or implied, ...
Once you sign the release form, it releases the at-fault driver and their auto insurer from any future liability associated with the accident. You will no longer have the right to make additional accident claims or bring an accident lawsuit against them.