Settlement Agreements for Businesses

It is entirely normal in business, that employees come and go for a variety of reasons. The important outcome to any business, is that employees leave on the best terms possible, to limit the company’s name being disparaged, to avoid claims being made by a disgruntled employee, to ensure protection from business secrets / know how being exploited and to generally fee that employees are as happy as they can be when leaving your company.

How can I protect the company when a disgruntled employee leaves?

To ensure the safest possible ending of the employer/employee relationship, a carefully drafted Settlement Agreement will provide peace of mind and protection, setting out the things that the employee cannot do when they have left the company, as well as the things they must do. The Agreement will also reaffirm the restrictive covenants already agreed between employer and employee, in the employment contract already signed by both parties at the outset of the employment.

Can we draft our own Settlement Agreement?

Whilst it is entirely possible to draft your own Agreement, it is ill-advised that you do. There is a vast array of legislation that covers the requirements of a Settlement Agreement, which must be adhered to. If a Settlement Agreement is defective, it would be unlikely to provide the protection that would be required, should there be issues after the Agreement has been signed.

Is it expensive to have a lawyer draft a Settlement Agreement?

The question is not whether you can afford to have a lawyer draft a Settlement Agreement, but whether you can afford NOT to have a lawyer draft it. Here at Moore & Tibbits we will work with your company to understand the business structure, its needs and the protection required. We will then provide you with a fee quote, that will depend upon how many Agreements you may need from us, given that we are happy to work with you whether it is a single Agreement that you require, or whether there are bulk numbers involved, such as in the case of bulk redundancies.

What about Contributions to the Employee’s legal fees?

Most Employers contribute towards the legal fees of the departing employee signing a Settlement Agreement. We will advise you on what we think is a reasonable contribution for your company to offer, based on the complexity of the Agreement that we will draft for you. 

How quickly can you assist us in organising the drafting of Settlement Agreements?

We understand that in the commercial world time is precious, and as such we will be happy to meet with you at your offices, or ours, if preferred, or over a virtual meeting within 48 hours of you contacting us (if you are available). We will take note of your requirements, and provide a fee quote the same day, depending on the complexity of the requirements, we will have a draft Agreement with you for approval within one week at the latest.

Call our employment team today for an initial discussion or to arrange a meeting today on 01926 491181.