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I am signing a settlement agreement and there are a couple…

Customer Question
Hi, I am signing a...
Hi, I am signing a settlement agreement and there are a couple of items in the agreement that I don't understand:
I want to end a partnership relationship with this guy and want to make sure he will not come to sue me for anything in the future want so ever.
Question is what is this Tolling that his attorney has put in the agreement?? and the 120 days notice??
TOLLING. The Parties agree that any period of limitation for bringing an action or any cause of action related to any liability of any type related to any of the Disputes is hereby tolled and extended to a period of 120 days after the issuance of any “Notice of Default” as such Notice is described herein below.
6. DEFAULT. In the event that any of the Parties fails to comply with their obligations hereunder, the Party to whom the obligation is owed may issue a written Notice of Default, notifying the Party who has breached this Settlement Agreement of such breach and default. The Notice shall be sent by regular U.S. Mail to the address of the Party listed below. The Notice of Default shall permit the defaulting party 15 (fifteen) days to cure the default. If the default is cured within that time, the tolling of the time to file an action shall be extended to 120 days after the next (if any) Notice to Default is issued.
Masoud
Submitted: 2 years ago.Category: Legal
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Answered in 10 minutes by:
1/26/2016
Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,078
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

Basically "tolling" is a legal term for a temporary stay or extension of time to take action. So the 120 days tolling just means that any statute of limitations that may apply to filing suit or taking other legal action is extended by 120 days. So for example, with a written contract in CA that has a statue of limitations of 4 years, it is extended to 4 years plus 120 days.

.

So it just adds 120 days onto any time that someone may take action by law for a breach.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
Do I have to accept it? if we are to end everything with him by signing, would it give them 120 days to come back and file a law suit. I want to give them not even one day. because they are reconveying a note upon signing.
Customer reply replied 2 years ago
Are you there?
Lawyer: Barrister, Attorney replied 2 years ago

Do I have to accept it?

.

No, since this is a negotiation that is leading up to a settlement, you can reject it as part of the negotiations if you choose.

.

if we are to end everything with him by signing, would it give them 120 days to come back and file a law suit.

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If would add on 120 days to any time limit that either party had to file suit..

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Honestly, I don't know what the reason for the 120 day extension would be since CA has long statute of limitations for legal actions, like 4 years for a written contract, 2 for an oral one, etc. So adding 120 days doesn't seem to make much difference because if someone doesn't take action within 4 years, then they probably wouldn't take action in 4 years and 120 days..

.

But you can feel free to cross out that part and send it back to them to revise if you don't agree to it.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
Thanks, ***** ***** they want to get the Note reconveyed by geting the S. A signed and with Tolling clause they buy 120 days for a law suite.
Customer reply replied 2 years ago
How much would charge to look and the five page settlement and correct it?
Lawyer: Barrister, Attorney replied 2 years ago

Well, if the SA was signed, that is a contract. And if either party breached, the other party would have 4 years under CA law to sue. So they are just adding 120 days onto that 4 years, which doesn't seem to do much to me..

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Unfortunately, I am not allowed to represent customers from the site by drafting legal documents or recommend anyone personally under my agreement with JustAnswer. However, these are a couple sites that we attorneys actually use if we need foreign counsel in a state where we aren't licensed. Further, customers have consistently reported good results with these sites:

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They screen their attorneys based on geographic location, area of practice, time in practice, cost and customer reviews.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
Thanks.
Lawyer: Barrister, Attorney replied 2 years ago

You are very welcome. Glad to help any time...

.

If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

.

.

thanks much

Barrister

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