A settlement agreement, formerly known as a compromise agreement, is a legally binding agreement that sets out the terms upon which your employment with your current employer is to be terminated. A settlement agreement, detailing the compensation to be paid to you for the termination of your contract, is drafted by your employer’s solicitor, which you are then asked to sign. Before you sign a settlement agreement, however, you are required to seek advice from a qualified employment law solicitor, who also has to sign such an agreement for it to be legally binding and for you to then receive any compensation under it.
The cost to you of seeking legal advice is usually fully, or at least partially, funded by your employer.
The compromise agreement solicitors at Farleys understand that this is likely to be a difficult time for you, and will provide you with clear advice on how to proceed. To speak to an employment law solicitor at Farleys, call 0333 331 4031 or email us today.