The terms of the voluntary agreement matter. Read the voucher or cash offer and any release before accepting, and keep a copy of the final agreement.
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What to check
Check whether the flights were on one ticket, what the airline offered, and whether you agreed to give up a seat or take a new flight. Small differences in those facts can change the claim path.
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What to do next
Contact the operating airline while the remaining itinerary can still be changed. Keep a copy of its offer and your response.
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Official sources
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Your route and travel date may change the answer. Check the linked official rule.