They generally receive a lump sum and an agreed reference as part of the comparison. A transaction contract is a legally binding document. It is signed by three parties: the worker, the employer and a qualified British lawyer. We do not charge a fee without obtaining the employee`s prior consent. If you ask us to help us negotiate the proposed amounts, we will be very transparent about the costs and their maturity. The solicitors on our team specialize only in labour law and regularly advise individuals and companies on all matters related to transaction agreements and negotiations. Employers are increasingly using transaction agreements as a mechanism to prevent future complaints in court, particularly in redundancy situations. Once you sign the agreement, there is no return to negotiate anymore, so you need to trust that your advisor knows what he is doing and that the deal you accept is the best you can get. If it is not in your interest to sign, we will be honest and tell you at the beginning. A “transaction contract” is an agreement between an employer and an employee in which the worker agrees to terminate his employment contract and does not assert rights against the employer in exchange for a payment of money.
In most cases, these are payments to which the worker may be entitled to severance or severance pay as well as an additional “ex gratia” or non-contractual payment. It`s the law. Without receiving independent legal advice, your employer will not have to pay you for the transaction because the contract is not binding. Upon appointment, we will carefully review your situation and advise you on the settlement agreement in plain English. Your lawyer will advise you individually to ensure that the agreement is written correctly and compensates you appropriately. This always involves providing advice regarding: our experience in managing transaction agreements for employers and employees can avoid the stress and costs of labour courts. The basis of a transaction contract is that the employer offers financial compensation or other incentives, usually beyond basic contractual rights, at the conclusion of the transaction agreement. By signing the agreement, a worker waives the right to take legal action against the employer.
Here`s The Deal: “Lauren Harkin has extensive experience with a wide range of labour law concerns and advises local and national businesses, individual employees and executives. Lauren also has exceptional experience in negotiating exit packages for employees and consulting on transaction agreements. It provides training and seminars on all perspectives of labour law.