Deed of Settlement – Termination of Employment or Contract
A deed of settlement is a document that sets out the terms of an agreement between two parties (commonly an employer and employee or company and contractor) in relation to the termination of their agreement so that all outstanding issues between the parties are finalised. Generally, the document provides that one of the parties will pay a specified amount to the other party, while the other party agrees not to make any further claims arising out of their relationship.
It is designed to benefit both parties by saving them time and money, providing them with certainty and preserving their reputations.
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Address of the employee / contractor
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This deed of settlement documents the terms upon which the parties agree that their relationship will be terminated, is required to be kept confidential and sets out the post-termination obligations of the parties (e.g. restrictions imposed on the employee/contractor and an undertaking from each of the parties not to make unfavourable comments and statements about the other).
The termination amount to be paid by the company to the employee/contractor is to be set out in Annexure A. If this document is being entered into in relation to an employment relationship then Annexure A should include details of any salary/wages, employee entitlements (e.g. annual leave) and termination payment being made to the employee. If this document is being entered into in relation to a contract then either an amount (e.g. $10,000) should be entered in Annexure A or a tax invoice issued by the contractor should be attached to Annexure A which is to be paid by the company on the later of the date of the Agreement and the Termination Date (as defined in the document).
This document is to be executed as a deed, and not an agreement, in order to avoid any concerns over the enforceability of the document in the absence of consideration by either party.
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