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Payment Terms – Compromise Agreements

October 2nd, 2009 · No Comments · About Compromise Agreement Blog, Compromise Agreements, Payment Terms

Employees that have been made redundant, and have subsequently become a party to a compromise agreement with their ex-employers, should always ensure that their employers adhere to their obligations under their compromise agreements. Often, the most important stipulations which the employees should pay attention to are  payment terms under their compromise agreements.

Compromise agreements should state the amounts due to  employees and the dates on which payments  would be made. Some agreements will also stipulate how the monies would be paid to the employees  (cheque or bank transfer).

Please note that in the event ofpayment by a bank transfer, the employees’ account details could be listed in the compromise agreements, or alternatively, it should be ensured that the employers have accurate account details for the employees.

We often come across situations where employers have not adhered to their obligationsin the compromise agreements after both parties have signed the agreement and it has become a binding document. Accordingly, the employees in question have not received their remuneration in the manner  stipulated. Therefore, in order to avoid possible actionable detriment to employees, such as not receiving payment on time, employees should pay particular attention to whether the employers are in breach of any such terms.


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