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Should I Accept A Settlement Agreement

A transaction agreement is essentially a way for you and your employer to “separate” you on certain agreed terms. Depending on the terms, you waive your right (or waive your right to assert your rights against your employer). Settlement agreements can also be used to terminate your employment relationship and to settle an ongoing right that you assert in a court or labour court. Often, in a situation of redundancy, a transaction agreement is used. However, a transaction agreement is not the same as redundancy. Your employer has therefore offered you a settlement agreement (in Northern Ireland, they are called compromise agreements). But you should accept? Settlement agreements are also offered to workers when an employer believes they are performing poorly in their work or are guilty of misconduct. In some cases, an employee will know that their boss is unhappy, while for others, the offer of a deal agreement can be a shock. Before you reach an agreement, you may have a meeting or series of meetings called “protected conversations” – here you are talking confidentially with your employer about the termination of your contract. A lawyer is essential, because if the agreement is to be legally binding, you as a worker must have received appropriate independent consultation. The agreement must also relate to a particular complaint or procedure, must be in writing and identify your advisor.

So you are a worker and your employer just mentioned the words “transaction agreement”. What does that mean? How will this affect you? What do I need to know? Don`t worry. Then you`ve come to the right place. We hope to give you all the information you need to know about transaction agreements by answering the questions we are most often asked. It is important that the agreement reached is fair. Each case is different; One person might be looking for money, while another person needs a good reference or even reinstatement in their job after the dismissal. Most settlement agreements lead to a “clean break”, where workers and employers separate, but sometimes the employment relationship continues afterwards. Here are some examples: the law states that you cannot sign a settlement agreement without seek the advice of a qualified lawyer, a certified union official, or an employee of a counseling center. All of these consultants must be covered by liability insurance and should be specialists in transaction agreements.

In some circumstances, you may be satisfied with a very fundamental factual reference, but a full descriptor reference on your skills and performance is usually preferable….

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