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Settlement Agreements - Advice for Employees
If you are an employee and your employer has presented you with a settlement agreement (formerly known as a compromise agreement), JMW is here to help you. Our specialist team of employment lawyers regularly advise employees on termination arrangements of all values and complexities, and are experienced in guiding you through what can often be a stressful time.
At JMW we will take you through your options, negotiate with your employer where appropriate and attempt to make the process go as smoothly as is possible in the circumstances.
To speak to one of our specialists in this area and to make sure the process is as hassle-free as possible, call us on 0345 872 6666 or complete our online enquiry form and we will call you back as soon as we can.
A settlement agreement is a formal document in which an employee formally agrees not to pursue certain statutory employment tribunal claims against its employer usually in return for a termination payment of some description. It is most commonly (although not always) used in a situation where an employee's employment is ending so as to record the terms of the employee's departure, and ensure that there is finality to the relationship. Your employer will usually contribute to or cover your fees.
Due to the serious consequences for the employee in signing up to a settlement agreement, certain conditions must be met in order for a settlement agreement to be binding. These include:
- The Agreement must be in writing and must relate to a particular complaint or particular proceedings;
- The employee must have received independent legal advice on the agreement and on its effect (i.e. the employee must understand that they are waiving their rights to claim);
- The legal advisor's details must be clear in the agreement and the advisor must have appropriate insurance in place covering the advice;
- The agreement must state that the conditions regulating settlement agreement has been met.
Other information typically found in a settlement agreement include:
- Details of the settlement amount
- When the employment will terminate
- Assurances (known as warranties) given by the employer and employee
- A reference
They can be very effective as a means to ensure you are suitably compensated for the ending of your employment, while also providing an employer with the certainty that it will not be faced with a time consuming and costly tribunal claim.
Guidance from an expert legal team, such as the solicitors at JMW, is essential throughout the process. At JMW, we will also help you negotiate your compensation to ensure you obtain the full amount you are entitled to and explain to you, in clear and easy-to-understand language, the nature of your legal rights.
The employment team at JMW is hugely experienced in dealing with settlement agreements and we are known for our client focused approach, which always ensures you are in the best position to achieve the outcome you desire.