Information For Employers
What is a Compromise Agreement?
A Compromise Agreement is a binding agreement that an employer and employee enter into on the termination of the employee’s employment.
Why do I need a Compromise Agreement?
A Compromise Agreement is necessary to settle an employee’s claims and prevent claims being brought in the future. Without one, any settlement is not legally binding. A Compromise Agreement can deal with all the issues that arise on the termination of employment including the waiving of claims, confidentiality, use of trade secrets, ongoing obligations, and payments.
Why do I need a Solicitor?
It is essential that you consult a Solicitor as early as possible prior to terminating employment, whether or not you intend using a Compromise Agreement, in order to protect your business interests and avoid the time, cost and inconvenience of defending employees’ claims. If properly drafted, a Compromise Agreement enables the employer to control the termination in a way that best suits it.
Why Bennett Welch Solicitors?
Not only do we have extensive experience of advising on all aspects of the employment relationship, including Compromise Agreements and the termination of employment, but we also advise on commercial and business related matters. We therefore have a comprehensive knowledge of all the issues that can arise on the termination of employment and will make sure that any Compromise Agreement addresses your needs and protects your business.
How much will it cost?
The cost of preparing and advising you in respect of a Compromise Agreement will depend on the amount of work required and we will give you a costs estimate when instructed. However, we offer a range of funding options, including an hourly rate, a fixed rate, or a monthly retainer.
How long will it take?
We can normally see you within 24 hours of receiving your call, and can normally draft a Compromise Agreement for you within 3 days of being instructed. If you cannot attend our offices, we can still advise and act for you by telephone, e-mail and fax, or attend your home or business.
If you feel we can assist you with a Compromise Agreement or any other employment or commercial matter, please call Daniel Muckle on 020 8670 6141 or e-mail daniel.muckle@bennettwelch.com.
