A Settlement Agreement is a legally binding contract between an employee and an employer and is often used to terminate a term of employment usually to resolve a problem or a dispute.
If as an employee you agree to a settlement agreement, you will automatically lose your right to take any potential claim you might have to an Employment Tribunal.
Therefore obtaining legal advice from an independent advisor or an Employment Solicitor is an essential part of the Settlement Agreement process.
Your legal advisor or Solicitor will need to sign the agreement to say that you’ve received advice and your employer usually pays for you to get that advice.