Although Compromise Agreements primarily deal with financial compensation, it always a good idea that you are fully up to speed because there are provisions contained in these agreements which could potentially affect you after you have left your current job.
Your Compromise Agreement will state the full breakdown of compensation you are entitled to and which payments will be tax-free, i.e. up to £30,000 in the case of an ex-gratia payment (compensatory rather than contractual) but you can turn your employers offer down if you think that the money offered is insufficient. You can also turn down a Compromise Agreement on the basis that this is not the way you wish to deal with the termination of your contract.
The need for independent legal advice
The first thing you need to do when considering a comprise agreement is to appoint an independent solicitor to go through with you. Even if you agree entirely with the terms of the offer from your employer, independent legal advice is essential if your compromise agreement is to be binding on both you and your employer. Your solicitor should look at the different sums offered to you in your Compromise Agreement and advise you if it is a good deal. If the amounts offered are satisfactory your solicitor should provide you with advice as to whether you have a strong claim were you to take your case to tribunal or a court and calculate what you would get if you were to pursue your claims in a tribunal compared to what you are being offered in the Compromise Agreement.
Negotiating a revised Compromise Agreement
If your solicitor advises that the money offered is insufficient they will negotiate on your behalf to ensure a fair sum of money is paid and may also help you to raise a grievance. It is important to lodge a formal written complaint to protect your position if there have been acts of discrimination and if a dismissal has taken place, your solicitor will assist with your appeal.
Knowing the value of the restrictive covenants to your employer will also assist your Solicitor in assessing the fairness of the amounts offered in your Employment Compromise Agreement.
Whatever the circumstances under which you have been presented with a Compromise Agreement, it is important that you speak to a Solicitor as soon as possible. Contact our team of specialist employment lawyers today for expert Compromise Agreement legal advice on securing the maximum amount of compensation due to you. Unlike some solicitors, who treat Compromise Agreements as an expensive rubber stamp process, our team of specialist employment law solicitors will review your settlement and, if appropriate, try to negotiate a better deal for you.
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