ACAS can settle employment tribunal claims (and potential claims) through a particular type of agreement called COT3. Parties to a COT3 are not required to be represented by lawyers. With the exception of a transaction contract, a COT3 is the only other legally binding route that a worker can give up/abandon. If you seek advice from a lawyer on a transaction agreement, but decide not to accept the proposed terms, you may still have to pay all legal fees. Your employer`s obligation to participate in your legal fees is only valid if you sign the transaction agreement. Your lawyer will explain the consequences. Your employer will discuss with you what should be in the agreement, either face to face or in writing. If you have made a transaction during a trial and the court has put your right on hold for a specified period of time („stays“), the court may request that your claim be resuscitated if your employer does not fulfill its part of the agreement within that time. Most of the time, it will be by a qualified lawyer, but it could also be a union representative or an adviser with the authority to advise on transaction agreements. Do I need independent legal advice before I sign a transaction agreement? How much would it cost and how can I pay for it? However, as a general rule, if you sign a transaction agreement, you should consider that it is a feature of everything that has happened between you and your employer and that you cannot assert rights against them.
probably! But this information does not replace technical legal advice on your situation. If you would like additional advice or if you intend to obtain a transaction agreement, contact Truth Legal to agree to a free, non-binding consultation with a lawyer. Moreover, the use of the words „without prejudice“ in a document does not automatically provide the aforementioned legal protection. The document must also be a notification made as part of a genuine attempt to resolve an existing dispute. A transaction agreement is essentially an opportunity for you and your employer to decide on „sub-companies“ on certain agreed terms.