A settlement agreement is a contract, and contracts can be renegotiated at any time before they are finalized and executed. If you have accepted a specific settlement amount, but now feel that this amount is not enough, you can ask your employer to review your offer. The employer can agree to do so or not. Under Michigan law, courts are subject to settlement agreements.
However, there are certain circumstances in which you may be able to change your mind after reaching an agreement. Specifically, if fraud, misrepresentation, coercion, mutual error, or certain cases of serious stress are present. An agreement is a legally binding document that states that you accept the money offered in exchange for waiving your right to file a lawsuit against the defendant for the same grievance in the future. Once you sign to accept a settlement, you will lose your right to file a lawsuit against the defendant for the same injuries and losses. Before accepting, during negotiations to reach an agreement, nothing is binding.
You and the insurance provider can go back and forth with negotiations as much as you want before you decide to file a lawsuit. You won't lose the option to file a lawsuit until you sign up to accept the defendant's settlement offer. Once you accept it, it may be impossible to change your mind. For this reason, it's important to make sure that accepting an agreement is in your best interest before continuing. If a person changes their mind before signing the settlement agreement, negotiations will simply resume again.
Since nothing has been agreed upon, there is nothing to reverse or stop. You may want to talk to a lawyer if you verbally accepted a settlement offer and then changed your mind. For example, your lawyer could argue that you weren't in a good state of mind when you accepted the offer. They could also demonstrate the existence of bad faith insurance practices, which could invalidate any verbal agreement signed under pressure. It is important to remember that even if your injuries worsen in the future, or if you realize that your claim is worth more than the settlement you received, you won't be able to seek additional compensation through the court system once you accept the settlement.
Therefore, it is essential to make sure that accepting an agreement is in your best interest before continuing.