What is settlement agreement? Does it have any drawback if I sign it? Do I need any lawyer to process it. Any help will be appreciated.
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Check out your Country laws. In most countries is illegal to ask for a settlement agreement to obtain the proper severance. I didn’t sign - basically it was a complete NDA with civil rights renounce and I got paid.
You agree to their terms in exchange for accepting the so-called severance payment. Plain and simple.
When they outline the severance payment in full they used to allow a small sum that you can put towards the legal advice, which was mandatory for you to arrange if you wanted the payout
@a7 if you have actual legal questions why would you come to a site known for trolls to get advice? If you are so concerned about it stop being cheap and pay for professional legal advice.
@a5 thanks , does it have any implications on my next roles?
It is normally an agreement between employee and employer where the employee AGREES to leave usually on ENHANCED terms (i.e. more money than they are legally entitled to) in echange for which they agree to 'go quietly' and accept conditions as per the agreement.
In the UK the employer should offer independent legal advice or to pay a contribution to legal advice to 'check' the agreement.