I regularly speak to individuals who have been offered a Settlement Agreement from their employer and understandably, they are often unsure on how to proceed. Hopefully, this blog will provide you with information on what to do next, if you are offered a Settlement Agreement.
What Is A Settlement Agreement?
A Settlement Agreement is a legally binding contract which is often used to resolve ongoing workplace issues or to terminate an employment relationship. It is important to remember that Settlement Agreements are voluntary and you do not have to enter into one.
Generally, the Settlement Agreement will include some form of payment to the employee and there must also be specific conditions included to ensure the Settlement Agreement is fully compliant. To be compliant, the Settlement Agreement must:-
- It should be in writing.
- It should relate to a particular complaint or proceedings.
- The employee must have received advice from a relevant independent adviser, such as a solicitor.
- The adviser must have a current contract of insurance.
- The agreement must identify the adviser.
- The agreement must state that the applicable statutory conditions regulating the Settlement Agreement have been met.
What To Do If You Receive A Settlement Agreement?
We are able to assist you here at Lincs Law Employment Solicitors. If you decide that you would like to enter into a Settlement Agreement, we will schedule an appointment with you. During this appointment, we will discuss the following:-
- We will take a detailed background to your employment situation.
- We will advise you on any potential claims you may have.
- If we identify a claim, we will estimate the value of that claim.
- If a claim is identified, we will cross reference this to the Termination Payments you are being offered to see whether you are receiving sufficient compensation.
- We discuss options available to you, such as seeking to renegotiate your Termination Payments, if appropriate.
- We go through the specific clauses to your Settlement Agreement and ensure you understand their meaning.
Get In Touch
If you would like to speak to a Specialist Employment Law Solicitor, please telephone 01522 440512 or email ContactUs@lincslaw.com for a free first consultation. Alternatively, you can learn more about Settlement Agreements here; https://lincslaw.co.uk/faqs/settlement-agreements/
Lucy Stones
Employment Law Solicitor
Lincs Law Employment Solicitors
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