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If a dispute arises between you and your employer, a settlement agreement is a possible solution to avoid tribunal or Court action. It effectively works in the same way as an out-of-court settlement by precluding you from taking this route, usually in return for some form of payment from your employer.
Settlement agreements are commonly used as a means of terminating your employment by agreement and to resolve any issues or claims that you may have arising from your employment. Usually proposed by an employer, they are voluntary and can be offered at any point in the relationship. Settlement agreements must be in writing and signed by both parties. Discussion relating to a proposed settlement agreement cannot be used as evidence in any subsequent claim.
For a settlement agreement to be legally binding, the employee must have received independent advice from a lawyer or trade union official.
The team at Buckles has a great deal of experience in both drafting and negotiating the terms of settlement agreements and therefore should you find yourself in this situation please get in touch.