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The ACAS code of practice states that a reasonable period of time to consider the terms of the Settlement Agreement is 10 calendar days and therefore your Employer should give you 10 days minimum to decide and obtain legal advice.

Some employers have a policy of offering settlement agreements whenever they make someone redundant. It doesn't necessarily mean they're vulnerable to a claim or that they want to avoid a redundancy procedure. They just like to play it safe.

8 Questions to Ask if You've Been Offered a Settlement Agreement Is the price right?How much will I pay for legal advice?Have I been offered a reference?How much time would legal action take?Are there any restrictive covenants in your agreement?Do I have to pay tax on my agreement?

A settlement agreement works by the parties coming to terms on a resolution of the case. The parties agree on exactly what the outcome is going to be. They put the agreement in writing, and both parties sign it. Then, the settlement agreement has the same effect as though the jury decided the case with that outcome.

It must be signed by the employee. The employee must have received independent legal advice, either from a qualified solicitor or an authorised union representative. The legal adviser must be identified and insured. The agreement must state that the requirements regulating the settlement agreement have been satisfied.

Negotiations can take weeks to several months to years and usually come to an end when both parties are agreeable to a number that has been offered. In the process of negotiating to settle, parties will typically refuse offers and make counteroffers in different amounts.

Post-settlement settlement (PSS) is a tool, which helps you to improve Pareto efficiency of your deals. The idea of PSS is very simple. Once you have reached an agreement, which is acceptable to everyone, you can propose to work together to find a deal, which better serves ALL parties.