Settlement Agreements in Business
Because of the risks involved, employers often make use of Settlement Agreements during the redundancy process and this, therefore, creates a redundancy agreement. A settlement agreement allows the employer to terminate the employee’s contract and prevents the employee from suing their former employer.
In return for accepting a settlement agreement or redundancy agreement, employees are usually awarded a lump sum of money. The figure is generally up for negotiation, but the employee usually finds that this figure of money is more generous than the statutory redundancy pay that they would receive. As part of the settlement agreement, an employer may also provide a reference for the employee, the wording of which can be agreed by the parties.
Settlement Agreements can therefore be advantageous for all parties involved as the employer reduces their workforce and protects themselves from the threat of legal action and the employee receives a redundancy package and avoids the long process of being made redundant or alternatively receives a severance payment to resolve an employment dispute.
Our employment solicitors in Wrexham are experienced in reviewing and advising on settlement agreements.
Regardless of the reason for being offered a settlement agreement, our settlement agreement lawyers can help by providing tailored settlement agreement advice.
Our settlement agreement lawyers are able to fully analyse the settlement agreement and advise you on all of the terms of the settlement agreement to ensure that it covers what is agreed and is favourable to you. In short, our employment lawyers can explain what the settlement agreement means for you, and whether the deal should be re-negotiated to make sure that your interests are better protected. Our Wrexham employment solicitors are also happy to answer any other questions you might have and make sure that you know the options available to you.
Our employment solicitors are a dedicated team of lawyers in Wrexham who specialise in helping employees to understand settlement agreements; to negotiate the best outcome for them and advise upon the terms of the settlement agreement. Our solicitors in Wrexham have helped many people secure the best settlement agreement possible.