Settlement Agreement (Employment)
A legally binding contract between an employer and employee to resolve disputes or terminate employment, often in exchange for a financial settlement, with both parties agreeing to waive any potential claims against each other.
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Settlement Agreement (Employment) – Resolve Employment Disputes and Provide Clarity
A Settlement Agreement (Employment) is a legally binding contract between an employer and an employee that resolves disputes or terminates employment. It typically includes a financial settlement and obligates both parties to waive any potential claims. This helps ensure a clean, mutually acceptable end to the employment relationship.
A Settlement Agreement made in Bind includes:
Termination of Employment
Specifies the employee’s final day of work and outlines any salary, benefits, or pay owed up to that date.
The Settlement
Sets forth the financial payment terms (e.g., compensation for loss of employment, holiday pay, ex-gratia payments) that the employee will receive, along with relevant timelines for payment.
Tax Provisions
Explains how payments will be handled for tax and National Insurance contributions, clarifying any exemptions under applicable tax law.
Waiver of Claims
Ensures both parties agree to waive potential legal claims, explicitly listing the types of claims covered (e.g., unfair dismissal, discrimination, or breach of contract).
Confidentiality and Non-Derogatory Statements
Establishes each party’s obligation to keep the agreement’s terms private and refrain from making negative statements about each other.
Independent Legal Advice
Affirms the employee has obtained advice from a qualified independent adviser, meeting the legal requirements for a valid settlement agreement.
Governing Law and Jurisdiction
Specifies that the agreement is governed by the laws of England and Wales, providing a clear, enforceable legal framework.
Bind’s easy eSignature and sharing capabilities streamline the entire process, ensuring your Settlement Agreement is handled securely and professionally.
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