A settlement agreement, formerly known as compromise agreements, are documents which outline the terms and conditions agreed by the employee and the employer when they agree to settle a potential employment tribunal claim (s), or other court proceedings.
The employee (or former employee) usually receives some form of financial payment, often called an “exit package”. Settlement agreements will only prevent an employee bringing a claim in the employment tribunal if they have independent legal advice on it, so the employer normally pays the employee’s solicitor for that advice.
Employers who want to ‘part-company’ with an employee might also be able to rely on the protected conversation regime to negotiate exit terms.
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