Settlement Agreements are those found in a legally binding contract between the employer and employee which waives the employee’s rights to make a claim covered by an agreement to the Tribunal or Courts. There is usually a settlement payment involved in the Agreement. Ultimately, this is usually done towards the end of the employment contract on good terms.
The Settlement Agreement will only be legally binding if:
- It is in writing;
- It correctly identifies the complaint;
- The employee received independent legal advice who must be mentioned in the agreement;
- The independent legal advisor must have professional indemnity insurance covering loss arising from the advice; and
- The agreement must state that the applicable statutory conditions have been met.
All details such as payments and date of employment termination need to be included in the Settlement Agreements. These Agreements should be drafted with precision to secure a mutually beneficial relationship between the employee and employer. If you are looking to make a Settlement Agreement, it important to seek legal advice from a Settlement Agreements Solicitor as early as possible. At Bloomsbury Law, we have years of experience and are happy to advise you accordingly.
What do I do next?
Contact us online or speak to one of our top employment solicitors on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our employment law team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.