The Settlement Agreement Compensation Payment is commonly used in England and Wales to resolve employment disputes or facilitate mutually agreed terminations. This document is essential when employers and employees wish to achieve a clean break while ensuring legal certainty and protection for both parties. It typically arises in situations of redundancy, performance issues, or other workplace disputes where both parties prefer to avoid litigation. The agreement must comply with the Employment Rights Act 1996 and related legislation, and includes detailed provisions about payment terms, tax treatment, and mutual obligations.
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1. Parties: Identification of all parties to the agreement including employer and employee details
2. Background: Context of the dispute, employment history, and reason for settlement
3. Definitions: Key terms used throughout the agreement including defined terms for Settlement Sum, Termination Date, etc.
4. Settlement Sum: Details of compensation amount, payment terms, and timing of payments
5. Tax Treatment: Breakdown of taxable and non-taxable elements, including treatment under Income Tax laws
6. Waiver of Claims: Employee's comprehensive waiver of legal claims against employer and group companies
7. Confidentiality: Terms regarding confidentiality of the agreement and its contents
1. Reference Provision: Terms regarding future employment references and agreed reference wording
2. Post-termination Restrictions: Restrictive covenants, non-compete clauses, and ongoing obligations
3. Company Property: Requirements and timeline for return of company property and assets
4. Ongoing Obligations: Continuing duties post-settlement including confidentiality and intellectual property
1. Schedule 1: Payment Breakdown: Detailed breakdown of settlement payment components including statutory and ex-gratia payments
2. Schedule 2: Claims Being Settled: Comprehensive list of statutory and common law claims being waived
3. Appendix A: Agreed Reference: Template of agreed employment reference for future use
4. Appendix B: Adviser's Certificate: Independent legal adviser's certification as required by law
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