What is usually included in a settlement agreement?
Each settlement agreement differs from case to case, but, as a generalisation, settlement agreements may contain:
- Payment of notice.
- Any holiday pay that you are entitled to.
- Contractual benefits including bonuses, shares, healthcare etc.
- Compensation or ex-gratia payments.
- Non-disclosure agreement.
- Promises from you to your employer e.g., returning property and confidentiality.
- Handover process details.
- A reference and reason for dismissal.
How much should I expect to receive in my settlement agreement?
Knowing whether what you have been offered is a good amount or not can be difficult and stressful. Your solicitor can offer advice to determine whether they believe your settlement agreement is fair. They will also be able to advise whether you may be able to claim more by negotiating or if you took your case to an Employment Tribunal or Court, and if any other factors are relevant or should be considered.
How much you are offered within a settlement agreement will depend upon the surrounding circumstances, the terms in your employment contract, and any potential claims that you might be entitled to make.
Your solicitor will be able to offer advice to indicate whether you would have a strong claim if you were to take your case to an Employment Tribunal or a Court. They will calculate how much you might receive if you were to pursue a claim in a Tribunal compared to the settlement agreement amounts you have been presented with.
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Do I have to accept?
Quite simply, no, you don’t. However, there are some key things to consider when making this decision; whether you have a claim at all and its strength, finding another job, and the costs and risks of litigation.
Read more about your options
What happens once I accept or reject my settlement agreement?
If you are happy with the amount being offered and you decide to accept the agreement, your solicitor can simply check over and sign off the settlement agreement, getting you your agreed amount quickly.
Alternatively, if you feel the terms or amount offered is unfair or insufficient, or you aren’t sure what you are entitled to, our solicitors will assess the agreement and can offer help and advice to negotiate better terms.
Usually, you can expect the amount agreed by all parties within 7-21 days of signing the agreement, but certain payments such as outstanding salary, etc. are likely to be paid through the payroll on the normal payroll date.
Same-day settlement agreement advice
We know that when presented with a settlement agreement, you will want advice quickly to ensure your agreement is fair and you have effective and focused advice to achieve the best outcome for your situation. We offer fast settlement agreement advice and will always aim to start the process within the same day we receive your settlement agreement enquiry. There is no need to visit our office, we can offer comprehensive advice wherever you are over the phone or via video call, at a time that suits you.
Our solicitors are experienced in offering settlement agreement advice and negotiating terms to ensure you receive the best deal.
Send us your settlement agreement today to find out how we can help