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If you have been or are likely to be made redundant or if you are dismissed for another reason, your employer may want to enter into a Compromise Agreement.
The Compromise Agreement will set-out what you will be giving up and will also set-out matters such as:
Your remaining salary
Any holiday entitlement
Notice pay
A compensation payment
Which payments, if any, will be paid tax free
The wording of a reference
Any ongoing restrictive covenants
A Compromise Agreement needs to be signed off by an appropriate advisor, usually a Solicitor, so that you can make a fully informed decision about whether to sign or whether the Compromise Agreement needs to be renegotiated.
Usually the Compromise Agreement will provide that your employer will contribute to the legal costs of receiving this advice. More often than not, this will cover all of the costs, so that the advice will be free to you.
To discuss your Compromise Agreement, please contact Stephen Wood on 01933 277666 or by email at sw@hobenjohnson.com
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