There are compulsory requirements that a settlement agreement has to have to be effective, efficient and valid
1. A settlement agreement must be expressly for and recorded in writing.
2. All claims agreed to be waived by the employee must be included in the settlement agreement. Such agreements must cover the specifics of the claims and complaints that an employee may have and be willing to waive in exchange for various payments and settlements offers as agreed with the employee
3. As explained earlier, the employee must have solicited and obtained independent legal advice on the proposed terms and the effect of the agreement on their rights to make a claim against their employer. Such appointed legal adviser must be mentioned in the agreement and it must therein indicate that the legal adviser has an insurance contract in place for indemnity purposes (professional indemnity insurance.
4. The agreement must contain a statement affirming that the conditions regulating settlement agreements must have been met.
You can call us on 0207 183 0084 or email us on employment @olaleslie.com for any queries about Settlement or Compromise Agreements . We are always happy to assist and can usually arrange appointments for Independent Legal Advice at short notice