Settlement Agreements used to be known as Compromise Agreements and although they may differ slightly, the overall purpose remains the same. They are a useful employment law tool.
A Settlement Agreement is an agreement entered into between employer and employee where that relationship has to come to an end for whatever reason. The Agreement is designed to stop any potential claims being issued or to halt any claims that have been issued by either party.
For the agreement to be valid it must be:
• In writing
• Relate to a particular or potential complaint
• The employee must have received advice from a relevant independent adviser
• The adviser must sign the agreement confirming advice has been given
• The Agreement must state that it meets the requirements of the relevant regulations.
For the employee we can advise you on the terms of the Settlement Agreement and the implications of entering into the agreement. We can act as the independent adviser and sign the Settlement Agreement indicating that you have taken the appropriate legal advice within the terms of the Agreement.
Our employment law solicitor will be able to guide you through what can be a difficult time.