![]() ![]() Additionally, in exchange for the payment of the agreed-upon sum of money, the employee is waiving their rights to bring a claim against the employer for such things related to their employment termination. A settlement agreement is a contract that binds two parties together to perform obligations or refrain from actions or activities as part of a settlement of one of the party's claims.įor example, an employer may pay its employee a sum of money and benefits in exchange for the employee refraining from engaging in work with or soliciting business from the company's clients. Settlement agreement breach of contract is a term used when one of the parties entering into a settlement agreement violates the terms of that agreement. ![]() What Are the Requirements for Entering Into a Settlement Agreement? 4. Is a Settlement Agreement Required to Terminate Employment? 3.
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