If you need advice and assistance with a settlement agreement, we can help. At Employment Law Wakefield, we have years of experience we can provide you the outstanding recommendations based upon previous cases, and your specific circumstances. It is essential to take independent legal advice prior to entering into a Settlement Agreement. Contact us now by calling 01924 950 680 or complete our online enquiry form and one of our experts will get right back to you.
What Is A Settlement Agreement?
A Settlement Agreement is a lawfully binding agreement that sets out the terms of settlement between an employer and a staff member following a dispute, or decision to end the employment relationship. Settlement Agreements can be offered at any point in the employment relationship but are generally utilised to end an employment conflict. A Settlement Agreement will set out a severance plan and any conditions concerning the termination of employment. Such conditions might consist of how long the worker will continue to work for the business, or a period in which an employee is not permitted to operate in a comparable field, or establish a rival service with comparable ideas.
We understand that dealing with a settlement agreement can be daunting, and that is why we aim to make getting sound legal advice on the matter as straightforward as possible.
What are the advantages of a Settlement Agreement?
Settlement Agreements can typically be beneficial to both the employer and the staff member. An employee may receive the following:
- A one-off payment, which may be tax-free up to ₤ 30,000;
- A favourable reference, which can be essential in finding alternative employment;
- Agreed payment of benefits or rewards, where applicable; and
- Provisions securing the staff member’s credibility.
In return, a company will receive:
- Ensured protection from legal action by the staff member, subject to specific exceptions;
- Confidentiality;
- Protection of information and trade secrets
Provided they are correctly prepared, both employer and staff member can gain from a Settlement Agreement.
When Could You Be Offered A Settlement Agreement?
Settlement agreements can be provided in lots of scenarios such as:
- Redundancy
- Performance-related severance
- Long-lasting illness
- Disagreement with colleagues and employers
- Transfer of company or relocation
- As a method of ending a long term grievance
It is likewise open up to a worker to ask for an agreement to end their employment. Although this is reasonably uncommon in practice, our solicitors are experienced in working out in these scenarios.
I have been offered a Settlement Agreement, what should I do now?
If you have been offered a settlement agreement it is vital that you obtain legal advice as soon as possible. Getting the advice of a competent lawyer can make all the difference in negotiating a settlement agreement. Not only will this ensure that all your contractual rights are being fulfilled, but an employment lawyer will have the ability to give you the very best guidance on whether a settlement agreement would be suitable in your scenarios.
When choosing whether to decline a settlement or accept contract it is important to consider every aspect of the offer, along with your individual scenarios. A Settlement Agreement should supply you with enough money to bridge the gap it takes to begin your next job, or to make it possible for to you make the next steps in your career, such as training and personal development.
If you have been offered a settlement agreement, we recommend that you contact us without delay. We act promptly and will have the ability to give you initial advice on the deal you have received. We routinely return to employers on behalf of our clients to renegotiate deals, and in particular the lump sum settlement.
In order for a settlement agreement to become lawfully binding the worker must have received independent legal advice about the terms of the contract and the legal implications. It is this requirement to obtain legal advice, that often leads to employers to pay for your legal services, this will be confirmed in a provision in the arrangement. If you become our client, our advice will in no way be affected by the company paying our cost.
At Employment Law Wakefield we advise employees everyday on the regards to Settlement Agreements. If you have actually received a Settlement Agreement then please contact Employment Law Wakefield right away.
Things To Consider Throughout A Settlement Agreement
There is no requirement to accept a Settlement Agreement. As the name implies, it needs agreement to come into result and you do not need to accept it where you believe it is not the very best option for you.
What if I don’t want to accept the Settlement Agreement?
Every worker is entitled to refuse to accept a Settlement Agreement. The company would just be advised that the offer is declined and the employment relationship would continue.
If I do accept a settlement agreement, exactly what does that imply?
The agreement is a legally binding contract (an agreement) that sets out the terms of a settlement between an employer and a worker. The agreement will set out a severance bundle and any conditions relating to the termination of employment. Not just will this ensure that all your contractual rights are being satisfied, but an employment lawyer will be able to provide you the finest guidance on whether or not a settlement agreement would be appropriate in your situations.
Contact our Settlement Agreement Solicitors in Wakefield
If you have actually received a Settlement Agreement then please contact Employment Law Wakefield right away. We provide preliminary suggestions when you contact us, and you will speak directly to one of our employment advisors. Call us now on 01924 950 680 or complete our enquiry form and a member of our dedicated team will get back to you right away.