SCDMV Form FR-229. Financial Responsiblity Agreement and Release

This form is used to establish a financial responsibility agreement and release between two parties involved in a collision. It is typically used when both parties agree to release each other from any financial responsibility for damages or injuries related to the collision.

The form consists of several important fields, including the names and contact information of both parties involved, a description of the collision, a statement indicating that both parties understand and accept the terms of the agreement and release, and any additional terms or conditions agreed upon by both parties.

The parties involved in this form are both parties involved in the collision. It is important for both parties to carefully review and understand the terms of the agreement and release before signing.

An example of when this form may be used is if two drivers are involved in a minor collision and agree that neither party should be held financially responsible for any damages. Both drivers may choose to complete this form to establish a financial responsibility agreement and release.

An alternative form that may be used in a similar situation is a settlement agreement, which is a legal document that resolves a dispute between two parties. The difference between these two forms is that the FR-229 form specifically focuses on establishing a financial responsibility agreement and release for a collision.