What is a settlement agreement, and do I have to sign one?
Answer
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A settlement agreement is an agreement between an employer and employee to end the employment contract under mutually agreeable terms. The terms of a Voluntary Severance scheme require a settlement agreement to be in place before severance payment is made. A payment will not be possible if a settlement agreement has not been signed.
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Independent legal advice will need to be obtained by the employee before signing the Settlement Agreement. The University will contribute up to a maximum of £350.00 plus VAT towards the cost of this legal advice.