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Settlement or Compromise Agreement
If you have been asked by your employer to sign a settlement agreement regarding bringing your employment to an end, it is a legal requirement, and in your best interest, that you seek legal advice from an employment law expert who specialises in settlement or compromise agreements.
Our experienced settlement agreement solicitors in the specialist employment law team at Larcomes can answer any queries you may have and ensure you achieve the best possible settlement.
To discuss a settlement or compromise agreement, contact our specialist Employment Law Team today on 023 9244 8100 or make an online enquiry.
What is a Settlement Agreement?
A settlement agreement is a legally binding contract that can bring a contract of employment to an end on an agreed set of terms. Settlement Agreements can also be known as a ‘severance’ or ‘redundancy’ agreement and previously referred to as a ‘compromise’ agreement.
If you sign a settlement agreement, you are effectively agreeing not to bring certain claims against your employer, usually after agreeing on binding terms and receiving a sum of money. Once you have signed a settlement agreement you will no longer be able to make an employment tribunal claim or any other type of claim listed in the agreement.
Reaching a settlement agreement
For the settlement agreement to be legally binding there are certain requirements that must be met which include:
- The settlement agreement must be in writing
- The settlement agreement must relate to a particular complaint or proceedings
- The employee must have received independent legal advice – from a qualified employment law solicitor for example 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 settlement agreement must state that the applicable statutory conditions regulating the settlement agreement have been met
Settlement Agreement Solicitors
Our experienced employment solicitors will be able to provide you with the advice you need regarding any aspects of your settlement agreement. The documents themselves can often include confusing legal terms and you need to be fully aware of all the conditions you are signing that will be legally binding.
Our employment lawyers will ensure that you understand fully the effects of the settlement agreement and that what is included is acceptable and taking into consideration your best interests.
We realise that legal costs may be of concern, however, in most cases the cost of legal advice regarding settlement agreements will be covered by your employer, but we will discuss all the options available to you so that you are fully aware of any fees and forms of funding available.
Larcomes have offices in Portsmouth and Waterlooville and whatever your settlement agreement concerns; our specialist employment law team are here to help you. Remember you can talk to us in complete confidence and gain reassurance from speaking to someone who understands your situation.
If you have an employment law query regarding a settlement or compromise agreement, contact us today on 023 9244 8100 for fast, constructive advice that is friendly and local.
Find out more about the head of our specialist employment law department – Employment Solicitor David Sumner