What is a Settlement Agreement?
If you have agreed (or been asked) to leave your employment, you may have been offered a Settlement Agreement by your employer. A Settlement Agreement (previously known as a Compromise Agreement) is an agreement whereby you waive your rights to bring certain employment law related claims against your employer, and in return receive compensation.
For a Settlement Agreement to be legally binding you must take independent legal advice on the terms and effects. In most cases the employer will pay for this advice.
Our price for advising on the terms and effects of a Settlement Agreement start at £350 plus VAT. Often your employer will pay these costs or a contribution to the fee.
Our specialist employment team have advised hundreds of people on their Agreements. We will always take the time to:-
- Determine exactly why you are leaving and if the circumstances are fair;
- Determine if you have any claims against your employer and then carefully calculate if the compensation you have been offered is reasonable;
- Take you through all the terms and effects of the Agreement. We make sure you fully understand your obligations, in particular in relation to post termination restrictions, tax implications and what might happen if either party failed to abide by their obligations.
It is really important to us that you are completely satisfied with the terms of your Agreement before you sign. Therefore we will always work with you to ensure the best possible outcome. We are often aware that an agreement needs a quick turnaround and we will work to your timescales to achieve this.
We can help
If you have a Settlement Agreement or would like any further information please do not hesitate to contact us. Call 01522 561020 and ask to speak to a member of the Employment Law Team.
Alternatively contact your nearest Ringrose Law office in Boston, Sleaford, Grantham, Newark or Lincoln.