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Employment Lawyers – Outstanding Loans – Compromise Agreements

December 6th, 2009 · 1 Comment · About Compromise Agreement Blog, Compromise Agreement Solicitor, Compromise Agreement Solicitors, Compromise Agreements, Outstanding Loans, Warranties

We have done a large section on warranties see http://www.adviceoncompromiseagreements.com/category/warranties.

We also wanted to mention that an employer may ask you, as an employee, to give a warranty regarding the payment of outstanding loans to the company, if you owe the company money.

The warranty may be worded as follows:-

” You warrant that there are no sums or loans outstanding from you to the Company or any other Group Company and there is no fact or circumstance under which any payment is due or could become due from the Company or any other Group Company to you other than under the terms of this Agreement.”

You would be required to give this warranty once the loans are paid off. Under no circumstances should you give this warranty if the loans are still outstanding.

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One Comment so far ↓

  • Irena Placek

    I’d be inclined to see eye to eye with you one this subject. Which is not something I usually do! I love reading a post that will make people think. Also, thanks for allowing me to comment!

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