Settlement Agreement

Employment

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Description:

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.

How to use this Document?

 

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.

How to Tailor the Document for Your Need?

 

1. Click the “Create Document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account.

2. Please fill in any additional information by following the step-by-step guide on the left-hand side of the preview document and click the “Next” button.

3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.

4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.

Document Type:

Agreements / contracts

Category:

Business > Litigation and Liability Management > Settlement Agreement / Alternate Dispute Resolutions

 
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Author:

DocPro Legal

DocPro Legal is a team of legal professionals with a passion for making quality documents and legal contract templates widely available to the public through cutting edge technology. Our lawyers are qualified in numerous common law jurisdictions including the United Kingdom, Australia, New Zealand, India, Singapore and Hong Kong. We have experience in major law firms and international banks with expertise in business, commercial, finance, banking, litigation, family, succession and company laws.