Have you been offered a Settlement Agreement by your Employer?
A settlement agreement is a legally binding contract between you and your employer. Settlement agreements can also be known as a compromise agreement or COT3 agreement. A settlement agreement can be used to bring an employment relationship to an end and document the terms upon which you have parted company with your employer. In return for your employer offering you compensation, you agree to waive your right to bring claims against your employer in an employment tribunal.
You must have independent legal advice on the terms and effect of the agreement for it to be legally binding. It is usual for your employer to contribute towards your legal fees for obtaining advice on your settlement agreement. It is your responsibility to contact a solicitor and seek that independent advice and your employer will usually impose a short timeframe within which to do this. The agreement will usually have a certificate attached which needs to be signed by your solicitor to confirm that they have given you advice on the terms and effect of the agreement. Askews Legal LLP can review your settlement agreement within 24 hours of receipt. We will work with the fee contribution being made by your employer and work to any deadline they impose.
If you are not satisfied with the proposal your employer has made, we can work with you to negotiate improved terms.
We often advise on settlement agreements for multiple employees in the case of a business reorganisation or redundancy. In such cases, we liaise with your employer in advance regarding the agreed format of the settlement agreement and can deliver the advice in individual meetings at your work premises. This can be advantageous because we can usually ensure that the process is more efficient and cost effective, whilst remaining independent.
Call our employment team today on 024 7623 1000 to talk to us about your situation and how we can help you.
Contact one of our Solicitors in Coventry: firstname.lastname@example.org