If your employment comes to an end, it is important that you seek legal assistance before signing a settlement agreement to ensure you get the best possible terms.
If you are thinking of signing a settlement agreement (formerly known as compromise agreements) with your employer, it is important that you receive good legal advice on the terms of the agreement and what other legal options may be open to you. As specialist settlement agreement employment solicitors we are highly experienced in advising on settlement agreements and successfully negotiating terms.
What is a settlement agreement?
A settlement agreement is a contract which ends the employment on legally binding terms agreed between the employer and employee. When an employment comes to an end either because of redundancy or a disagreement, a settlement agreement is used to agree the terms under which the employee will leave their job. It usually involves the employee receiving financial compensation in return for agreeing not to take the employer to court. The employee will give up their employment rights, such as unfair dismissal.
Things to consider
You should be careful about agreeing to any terms before having all the facts about the end of your employment. It can be difficult to negotiate a figure upwards once you’ve agreed to it – even though the terms are not legally binding until you have taken independent legal advice on the settlement agreement. It is wise not to give any signal that you are prepared to give up your employment.
Unless you consider the offer is too good to turn down you should carefully listen to your employer in your initial meeting, then seek immediate settlement agreement legal advice before committing to anything. Our team of employment lawyers will:
- Make sure you are aware of all your options
- Make sure you understand how the settlement agreement will affect you
- Give advice quickly and clearly to ensure the best outcome
- Negotiate the best possible settlement figure
If you have received a settlement agreement, contact our team below or call 02392 820 747, your employer usually covers the legal fees for your legal advice on the settlement agreement.