The basis of a Settlement Agreement is that the employer offers further financial compensation or an incentive beyond your contractual entitlement to enter into the settlement. By signing the agreement, the right to bring an employment claim against an employer is withdrawn.
With effective negotiation, a settlement agreement can be an effective way to ensure you are adequately compensated for the termination of your employment without needing to bring a claim against your employer. Or alternatively, it can prevent your business having a potential claim against you which can be expensive, time consuming and be damaging to your reputation.
Legal advice should be obtained if you are offered a settlement agreement and our Employment Solicitor can advise you on any claims you may have and negotiate the best compensation in your situation, drafting the agreement to ensure you are fully protected.