You may be asked to sign a Settlement Agreement (formerly known as a Compromise Agreement) if you are being made redundant or if your employment is being brought to an end for some other reason, perhaps following a disciplinary process or breakdown in the employment relationship.
When a Settlement Agreement is signed, the employee agrees to give up their right to bring a claim in an Employment Tribunal or Court and accepts a sum of money in return. To be legally binding, the employee must take advice on the terms of the Settlement Agreement from an independent solicitor.
Your employer will make a contribution to the legal costs. In most cases this will cover the cost of our advice, leaving you with nothing to pay.
A Settlement Agreement can be complicated and it is very important that you take advice quickly.
At Tayntons we have extensive experience in advising employees on the terms and effect of Settlement Agreements and in negotiating the terms of the Agreement with the employer to ensure that our clients receive the best settlement. We are here to assist you in getting the best possible terms and in ensuring that your position is protected.
If you have been given a Settlement Agreement or want guidance on negotiating an exit package, then why not book a 45-minute initial consultation at £75.00 plus VAT (£90.00) with our employment specialist team?
If you are an employer looking for advice on Settlement Agreements, please visit our services for businesses page.