Settlement agreements, also known as compromise agreements, are voluntary agreements that may help you to amicably exit a business or resolve a dispute with your employer. It’s a legal requirement to take independent legal advice before you sign your settlement agreement, so let our specialist solicitors support you today.
A settlement agreement is a legally binding contract made between employer and employee.
It is usually used in connection with ending employment on agreed terms. A settlement agreement could also be used where the employment relationship is ongoing, but both parties want to settle a dispute that has arisen between them. You will almost certainly waive your right to bring any claims against your employer as part of an agreed settlement.
Properly executed settlement agreements are legally binding, which is why the law says they are only valid if you have taken independent legal advice on the terms and effects of the settlement agreement before signing. In most cases, your employer will contribute towards your legal costs of receiving this advice.
If your employer has asked you to sign a settlement agreement, talk to one of our experienced settlement agreement solicitors today. They will be able to advise you on your rights, assist with negotiation with terms and help establish whether or not the proposed settlement agreement is in your best interests
In the majority of cases, a settlement agreement will hold advantages for both you and your employer. After all, not many people really want to deal with the uncertainty, acrimony and publicity and costs that employment cases sometimes involve. Settlement agreements – as long as they’re drafted properly – constitute a swift and certain route to bring your dispute to a close, without having to work a notice period. The employer receives the certainty that you can no longer take them to the Workplace Relations Commission or the Labour Court and you’ll receive a financial package without the costs or risks of litigation.
Just as importantly, your settlement agreement can be drafted to offer things that the workplace relation Commission or the Labour Court is unable to order, such as agreed employment reference providing reassurance that the terms under which your employment ended will not affect future job applications, an announcement to your colleagues or clients or outplacement support. If your employer has suggested a settlement agreement in order to end a dispute and/or your employment, speak to an experienced employment law solicitor, Contact us.
You’re legally required to take independent legal advice on the terms and effects of the settlement agreement before signing.
Our settlement agreement solicitors can help if you need:
For independent legal advice on your settlement agreement speak to one of our expert employment solicitors.
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