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Are these the same as Compromise Agreements?
Yes they are. The name changed in July 2013 but they are effectively the same.
What is the effect of signing a Settlement Agreement?
Settlement agreements are legally binding agreements which are used to formalise a full and final settlement between an employer and an employee. The consequences of an employee signing a settlement agreement will be that they are then prevented from bringing or pursuing a claim before an Employment Tribunal or any claim in the future.
When are Settlement Agreements used?
Settlement agreements are useful tools for an employer to terminate an employee’s employment without worrying about having to face a future claim. They are often used where the employer and/or employee agree a termination in exchange for a termination payment or some other benefit to be given to the employee, eg a reference.
Our employment team has years of expertise helping with drafting settlement agreements and are professionals in their sector. We provide practical legal advice so you may make the best choice for you and your circumstances.
What are the legal requirements which make Settlement Agreements binding and enforceable?
Settlement agreements must comply with a number of conditions. Most importantly settlement agreements must be in writing and the employee must have received independent legal advice as to the implications of the proposed agreement and the effect the agreement will have on an employee’s ability to pursue their rights before an Employment Tribunal.
What will my employee be advised when taking legal advice?
There are many things to consider when seeking advice on a settlement agreement, but some of the most frequent issues which require consideration are listed below:
- Tax implications of the termination payment
- Provision of a reference
- Cost contribution for the independent advice
- Reminder of existing restrictive covenants and confidentiality clauses and provision for any new clauses
- Tax indemnity
- Exemption for future personal injury and accrued pension right claims
We can help you negotiate and draft a settlement agreement if you are an employer, to get the best outcome for your business.
Upcoming Events & HR Training for Employers
As experienced HR Advisors and Employment Law solicitors we see first-hand how HR issues can affect both the employee and the employer.
Our training is very well received by attendees and is delivered by lawyers and HR advisors, with combined knowledge and expertise, in a practical way which works for your business.
Bhayani Law clients and charities get discounts on our training and some of our training is available at discounted rates with public funding between 40-100%.
Our events allow you to meet other businesses and build your connections, so do book if you want to come along.
Women in Business: How to Network
For some of you, it’s effortless. You walk into a room, you engage in friendly conversation and maybe have some...
- 6pm - 8.30pm
- June 26
Equality, Diversity & Unconscious Bias Half Day Training Course
The workshop is designed to be an interactive and informative session to equip all employees from junior members of staff,...
- 10:00am-1:30pm
- November 14
The HR Exchange Meet-up: Making emotional conversations easier in the workplace
Welcome to The HR Exchange. Founded in 2012 by Jay Bhayani to offer businesses and charities the opportunity to gain...
- 5:30pm-7:30pm
- March 19
International Women’s Day: #InspireInclusion
You are invited to join us to celebrate International Women’s Day 2024 with us on March 6 under the empowering...
- 9am - 11:30am
- March 6
Women in Business: How to Network
For some of you, it’s effortless. You walk into a room, you engage in friendly conversation and maybe have some...
- 6pm - 8.30pm
- June 26
Equality, Diversity & Unconscious Bias Half Day Training Course
The workshop is designed to be an interactive and informative session to equip all employees from junior members of staff,...
- 10:00am-1:30pm
- November 14
The HR Exchange Meet-up: Making emotional conversations easier in the workplace
Welcome to The HR Exchange. Founded in 2012 by Jay Bhayani to offer businesses and charities the opportunity to gain...
- 5:30pm-7:30pm
- March 19
International Women’s Day: #InspireInclusion
You are invited to join us to celebrate International Women’s Day 2024 with us on March 6 under the empowering...
- 9am - 11:30am
- March 6
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