Compromise and settlement agreements
What is a compromise or settlement agreement
Compromise or settlement agreements are a contract where an employee agrees to give up any employment claims against their employer, usually in exchange for compensation. Typically, employers use compromise or settlement agreements to lay out the terms under which an employee will leave the company. Additionally, the employer may use the agreement to protect themselves, for instance, by adding confidentiality clauses and restrictions on competition.
What are the benefits of using a compromise or settlement agreement
In many cases, using one of these agreements will likely avoid the need for formal disciplinary or redundancy procedures. For employers, this can save time and money, while also removing the risk of claims for unfair dismissal.
However, to fully remove the risk of future claims, an agreement must satisfy certain requirements. First, it must be in writing, and second, the employee must receive independent legal advice on what the agreement means from a qualifying legal adviser, such as the services provided by Regulatory Defence.
What costs are involved?
We offer a thorough yet fast service, in which agreements can be reviewed and advised upon on the same day if required. Furthermore, there is no cost to you. This is because as part of your agreement, your employer will subsidise you to seek independent legal advice. In addition, Regulatory Defence is happy to provide expert advice within this agreed fee.
How can Regulatory Defence help me?
Typically, your employer will offer to draft the agreement. However, Regulatory Defence can help you negotiate to ensure the terms are fair. These terms could include:
- compensation or redundancy payments
- confidentiality clauses
- clauses for both parties to agree not to make negative comments about the other
- an agreed reference
Moreover, we act for clients from all walks of life and across all levels of seniority. Whether, you're an entry-level member of staff, a high-net-worth individual, or anywhere in-between, Regulatory Defence has the ability to assist you.
So, contact us today for a free initial consultation and to find out how we can help
