Settlement agreements are legally binding contracts that are used to terminate your employment contract. They can be used for a number of reasons and are commonly used when an employee is being offered an enhanced redundancy.
The agreement will provide that in exchange for a financial payment or other agreed benefit; you will waive your right to bring claims against your employer.
The agreements are confidential and can only be discussed with a limited number of specified people. It is imperative that you do not discuss the agreement or the circumstances leading up to receiving the agreement, with any other person.
The law states that you must obtained independent legal advice from an independent legal advisor prior to signing the settlement agreement. The advisor must give you advice on the terms and effect of the agreement. In most cases, your employer will pay your legal fees.
As experience employment solicitors, we can discuss your settlement agreement in detail with you; exploring the reasons why the agreement has been proposed and delving into the legalities of the agreement itself. All to ensure that you can make an informed decision before accepting (or rejecting) the agreement.
At Richard Reed, Kat Moody and the team regularly advise employees on settlement agreements. In most cases, only one appointment is required and the agreement can be finalised on the same day.
For a confidential chat, contact us today.
📞 0191 567 0465
