I was in a minor accident where I rear-ended someone while exiting an off-ramp. The damage was minor and we decided to handle outside of insurance. He got his car checked by a friend and said it will be $500 to fix the car (no paper estimate). I want to create somewhat of a contract to insure that he will not claim through insurance after I pay him however. He seems sincere but I want to cover my bases. I want to be sure my contract is legal in MA. Does anyone have any pointers? Do I need to include anything specific to make sure this is valid? I have no idea how to find a notary, is it even necessary in MA? Here is my draft (I crossed out names, license plate numbers, details etc.):
Car Accident Full Settlement Contract
I, _____________________, accept as payment in full the amount of $500, as mutually agreed upon, from XXXXXXXXXX, as full settlement for any and all liability, including but not limited to car repairs, arising directly or indirectly from the minor car accident occurring between my 2013 Dodge XXXXXXX (license plate: XXXXXX) and XXXXXXXX's 2013 Toyota XXXXXXX (license plate: XXXXX) on DATE at approximately TIME in TOWN, MA.
I, _____________________, further acknowledge receipt of said compensation, $500 as mutually agreed upon, on date ______________.
Owner of 2013 Toyota XXXXX (license plate: XXXXXXX):
Owner of 2013 Dodge XXXXXXX (license plate: XXXXXX):