Settlement Agreements are a common way to resolve employment disputes and/or agree the terms on which the employment relationship ends. A Settlement Agreement is a legally binding document, with the aim agreeing that the employee will not to pursue a claim against his/her employer and in return they receive a sum of money (usually tax-free) as an incentive for doing so.
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Almost certainly. If you are offered a Settlement Agreement then you should not discuss this with anyone other than immediate family until you have taken legal advice. You will then be advised who you are allowed to mention the Agreement to, although this is likely to be very limited. There are a number of other clauses that are commonly found in Settlement Agreements. These include:
A reference can be agreed as part of the terms of the Settlement Agreement so that you know exactly what your employer will put in any future reference they provide.
Yes. The employee must have received independent legal advice from a suitably qualified advisor (usually a solicitor) on the terms and effect of the Agreement in order for a Settlement Agreement to be valid.
In almost every Settlement Agreement, there is a clause included that the employer will contribute towards you getting legal advice on the terms of the Settlement Agreement. In most cases, this contribution will cover our fees. If the contribution is not enough then we would look to agree an increase with the employer. Usually we would send our invoice directly to your employer so you do not have to get involved with paying our fees.
If you have any questions regarding settlement agreements, our expert teams are available to discuss your concerns. Contact us by completing our online enquiry form and our advisors can call when suitable for you or call us direct on 08000 93 00 94.