A Settlement Agreement, previously known and still often referred to as a Compromise Agreement, is a legally binding agreement between an employee and an employer. This usually provides for a settlement payment by the employer in return for the employee agreeing not to pursue any claims in a Tribunal or a Court.
For the settlement agreement to be legally binding a number of conditions must be met, and we will ensure they are. The Agreement must:
-The agreement must be in writing.
-The agreement must relate to a particular complaint or proceedings.
-The employee must have received advice from a relevant independent adviser, such as a lawyer or a certified and authorised member of a trade union.
-The independent adviser must have a current contract of insurance or professional indemnity covering the risk of a claim by the employee in respect of loss arising from the advice.
-The agreement must identify the adviser.
-The agreement must state that the applicable statutory conditions regulating the settlement agreement have been met.
Contact Us Today
We know during these challenging times businesses may have to make difficult decisions. If you are an employee who has been offered a settlement agreement or if you are an employer who needs to provide your employees with settlement agreements we are here to help. We can advise you on the terms of the agreement or draft bespoke agreements to meet your needs. Contact us at email@example.com for further information.