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A compromise agreement (now known as a settlement agreement) is a form of binding contract between the employer and employee. It is commonly entered into on termination of employment for a number of reasons. Ordinarily, an employee will agree to waive the right to bring certain potential claims in return for an agreed sum. It is the settlement agreement that contains the specific details of what both the employer and employee have agreed to do (or, indeed, not to do) and this ultimately constitutes the legally binding contract.
Your employer pays the fee for our advice to you on your settlement agreement - you pay nothing. Here at Employment Law Solicitors we have advised individuals on thousands of settlement agreements. We are frequently successful in negotiating increases on the sums paid to individuals under settlement agreements.
An employee must obtain independent legal advice from a qualified lawyer (i.e. an employment law solicitor who holds a current practising certificate and professional indemnity insurance) in order for a compromise agreement to be valid and enforceable.
As solicitors with extensive experience of drafting, negotiating and advising on compromise agreements, we can offer a comprehensive and professional service to both employers and employees alike.
Whilst many employees may be daunted by the prospect of funding independent legal advice in relation to a settlement agreement, it is often the case that employers pay the full cost of legal fees. However, should negotiations require additional costs our flexible approach to funding means that we are able to offer a service to suit your specific requirements as well as your budget.
If you require further information or need discuss a settlement agreement that you have received, get in touch with us today.