You have been told you’ll have the right for an independent Solicitor when signing a UK Compromise Agreement. You still feel a little anxious about the whole process and would like to clear up some questions before you go in deeper. Read further for some of the FAQs you might also have:
Why is a Compromise Agreement necessary?
Compromise Agreements have appeared quite recently as a way for employers to prevent employees complaining to a tribunal after they have been made redundant or left a job.
So, the only way an employer can be sure that an employee will not complain to a tribunal after redundancy, is to persuade them to sign away their right to do so. This is the Compromise Agreement. Of course your employer will have to pay you a sum for you to accept the ‘full and final’ effect of the agreement.
Why a Solicitor?
Hands up for those who know the dizzy feeling of going through Acts and Regulations in a legal document! This is why it’s a legal requirement that you get professional advice on what the agreement means. A solicitor will advise you if the terms offer you the correct protection and should also advise you if you are being offered a suitable amount of compensation. Furthermore, it’s also a legal requirement that your adviser signs the agreement to confirm that advice has been given. An experienced Compromise Agreement Solicitor can not only provide the advice that is legally required, but may also be able to help you negotiate a much better deal.
But who can give you advice? According to the Employment Rights (Dispute Resolution) Act 1998, that advice can only be given by a qualified lawyer, a qualified trade union official, or a qualified advice centre worker, all of whom must be covered by an appropriate certificate of indemnity insurance.
When will I receive the compensation?
It depends a bit on the company, but once everything has been signed and agreed, the compensation will be paid in around 7 to 14 days or in the next company pay run. This date will actually be set in your employment compromise agreement.
What happens if I am not happy?
You don’t have to sign a Redundancy Compromise Agreement if you are not happy with it.
It will just mean that there is no agreement between you and your employer and you’re free to make a claim to the Employment Tribunal. But, are you being made redundant or just leaving? In redundancy cases, your employer can refuse to pay you the full package and will instead pay the minimum state entitlement. In non-redundancy cases, you will be risking losing the payment being offered… so make sure you are just not pushing this for the sake of it.
Many compromise agreements can be negotiated in your financial favour but, in some cases, a tribunal claim may be necessary. Make sure you get the best legal advice – appoint an employment law solicitor specialising in Compromise Agreements.
For expert legal advice on Compromise Agreements in Hampshire, Wiltshire or Dorset -from Bournemouth to Swindon- contact our Compromise Agreement Solicitors today.