A Compromise Agreement (now known as a Settlement Agreement) is used in England and Wales when an employer and employee wish to resolve employment disputes or agree to terms for ending employment. The agreement provides legal certainty by preventing future claims in exchange for agreed compensation and benefits. It must comply with specific statutory requirements, including independent legal advice for the employee. The document typically covers termination payments, tax treatment, confidentiality obligations, and reference provisions. It's particularly useful in situations involving redundancy, performance issues, or workplace disputes where both parties seek an amicable resolution.
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1. Parties: Identification of employer and employee, including registered addresses and company details
2. Background: Context of the agreement, employment history, and circumstances leading to settlement
3. Definitions: Key terms used throughout the agreement including Employment, Termination Date, Claims, Confidential Information
4. Termination Date: Specified date of employment termination and final day of employment
5. Settlement Payments: Details of all payments to be made including timing, method of payment, and conditions
6. Tax Treatment: Tax implications of payments and tax indemnities
7. Waiver of Claims: Employee's waiver of employment-related claims and statutory rights
8. Confidentiality: Obligations regarding confidentiality of agreement terms and employment information
9. Legal Advice: Confirmation of independent legal advice received and adviser details
1. Reference: Terms of employment reference and agreed wording for future references
2. Post-Termination Restrictions: Ongoing restrictions after employment ends including non-compete and non-solicitation provisions
3. Company Property: Return of company property provisions and confirmation of data deletion
4. Outplacement Support: Details of career transition support and conditions for receiving such support
1. Schedule 1 - Claims: Comprehensive list of specific claims being settled under the agreement
2. Schedule 2 - Payment Calculation: Detailed breakdown of settlement payment including statutory and ex-gratia amounts
3. Appendix 1 - Adviser's Certificate: Independent legal adviser's confirmation of advice given and insurance details
4. Appendix 2 - Reference Template: Agreed form of reference template to be used for future reference requests
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