The transaction contract is a legal contract between you and your employer – you both have to comply. Your employer may want you to have the confidentiality of the agreement. In our experience, we help many people negotiate strong termination terms, the offer of a transaction agreement is often the beginning of a negotiation, not the end. Lodders` specialized lawyers can advise on the merits of your application and the amount you would likely have received in court. You can also discuss any discrimination against yourself that you may not know, for example. B protection under the Equality Act. If you terminate a transaction contract, you can sue the employer, but there is no guarantee that you will earn as much money as you were in the original termination contract. It is therefore important to seek legal advice when a termination agreement is offered to you. We can quickly and easily provide you with the advice you need by phone and email. Many of our clients never pay us a penny — the costs are paid by their employer. Dismissal agreements are not valid unless the worker has received independent legal advice on contractual terms.
Employers often agree to pay an amount for these legal fees. Is that really all I need to know about agreements? ACAS agreements are generally much simpler and less extensive than transaction agreements. There are restrictions on the types of rights that can be offset by an ACAS agreement. This is why employers often prefer to enter into transaction agreements. Compensation: for the majority of workers, this will probably be the most important aspect of the agreement. The first $30,000 in compensation under the agreement can normally be paid without deduction for tax or national contributions. It is also important that there is a timetable for payment of this amount (for example. B in the next payroll or 21 days after the agreement is signed).
Depending on the circumstances of the proposed termination, it is often possible to negotiate the number of benefits upwards and we can discuss this with you. If you don`t think the offer is too good to be rejected, it`s best to listen to what your employer has to say at the first meeting – without committing in any way, and get an immediate legal advice.