An employment settlement agreement is a legally binding agreement between the employer and employee whereby the employee agrees to settle all employment claims against the employer usually in return for financial compensation.
The Employee has filed a claim against the Company ("Claim"). This document comes into play where the parties are desirous of amicably settling the matter referred to in this Settlement Agreement. The agreement covers terms relating to the settlement amount, release and discharge of liabilities, full and final settlement of claims, termination of employment etc.
After the settlement agreement is concluded, the Company no longer holds any obligations, including both on-paper and oral obligations, towards the Employee.
Confidentiality shall be maintained, the Employee is required not to disclose any of the details to any other third parties other than for the purpose of enforcement. It shall also be noted that, however, assignees and successors in title of the parties shall be bound to this agreement.
The jurisdiction clause requires the parties to specify the particular jurisdiction that is responsible in handling this case, where the governing laws of that certain jurisdiction shall also be the governing laws that this agreement is bound to.
There is a Schedule 1 and Schedule 2 to the agreement:
(A) In Schedule 1, the Employee is required to fill in and sign the “Prescribed notice to withdraw the Claim” form, declaring that the Employee is willing to withdraw the claim when the settlement agreement comes into force. This is to ensure that the Employee has voluntarily agreed to give up his or her rights in resolving to court proceedings in making the Claim.
(B) In Schedule 2, the Employee is required to provide a signed copy of the 'Declaration from the Employee's Independent Advisor' confirming that the Employee received independent legal advise on the effect of the Settlement agreement on the rights of the parties. This is will ensure that the Employee has complete understanding of the terms and conditions of the Agreement and that the agreement cannot be invalidated on such grounds.
This document should be carefully read by the Employee and the Company.
This settlement agreement may be used upon a court dispute, whereby full and final settlement terms are to be established and agreed on.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
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