Settlement Agreement Solicitors - Sheffield Employment Compromise
SOLICITORS HELPLINE 0345 515 0362
If you are suddenly faced with an employer in Sheffield dismissing you, offering compensation and at the same time trying to get you to sign away your future legal rights, you probably need settlement agreement help from a qualified solicitor. A compromise or settlement agreement is essentially a full and final settlement of any claims a terminated employee has against their employer. It is a legally binding agreement that addresses a variety of issues related to the employee’s termination. The main purpose is to establish that the employee has agreed not to bring any legal claims against the employer in return for an agreed upon amount of compensation.
Settlement Agreement Terms
The main issues addressed upon which you may need compromise or settlement agreement help by way of specialist advice from an expert employment lawyer are:
The law sets forth specific requirements that must be met if the arrangement is to be valid. These points can be subject to legal argument and the layman may require qualified compromise agreement help to understand the implications of the document and to this end it is a statutory requirement that such legal advice is obtained prior to signature. To be enforceable, a compromise or settlement agreement must:
Entering into a compromise agreement is a quicker and more cost-effective way to reach a financial settlement with your employer than going before the Sheffield Employment Tribunal. It guarantees that you will receive a set amount of compensation, whereas there is no guarantee an alternative claim will be successful in the Sheffield Employment Tribunal. The employer benefits because they are assured that they will not be subjected to any employment-related claims in the future.
Signature RefusedYou are under no obligation to sign the agreement. You are free to reject the offer, which means you retain your right to bring any claims you may have against your employer.
Usually, it will cost you nothing to obtain qualified settlement agreement help. The expenses related to obtaining legal advice are typically covered by the employer.
The exact payment date will be set forth in the terms of the agreement. Generally you will receive your compensation within one to two weeks of the agreement being finalised.
The first £30,000 of compensation is tax-free. Any compensation you receive in excess of £30,000 will be taxed in the normal way. Most agreements include a tax indemnity clause which states that any taxes owed are the responsibility of the employee.
Signing away your legal rights to bring a claim against your former employer is a very serious decision. Settlement agreement help and advice from solicitor can assist you to determine whether or not signing is in your best interest. There are many other benefits to consulting with a solicitor:
EMPLOYMENT HELPLINE 0345 515 0362