However, as a general rule, if you sign a transaction agreement, you should consider that it is a feature of everything that has happened between you and your employer and that you cannot assert rights against them. The terms and conditions of a transaction contract include your employer`s commitments: ACAS can settle claims (and potential claims) from labour courts with a particular type of agreement called COT3. Parties to a COT3 are not required to be represented by lawyers. With the exception of a transaction contract, a COT3 is the only other legally binding route that a worker can give up/abandon. You will check the information you have provided in your form, ask for more about your problem and if you want to try to resolve your dispute. If you do, Acas will contact your employer to begin the process of trying to reach an agreement. If you`re not sure it`s the right thing to do for you, ask for advice before agreeing to a COT3 agreement. As soon as you and your employer say you agree, you must stick to it, even if you haven`t signed it yet. Time: ACAS must respond to a conciliation request within two days. It takes time for different parties to speak individually with the conciliators by telephone in order to reach an agreement.
No need for personal meetings. A transaction contract is a legally binding contract between a worker (or worker) and an employer whereby the worker (or worker) for remuneration, usually on a financial basis, agrees to enter into the contract and waive his right to bring the employer before an employment tribunal or court for any rights he may have arising from his employment or termination of employment. It can also be used in cases where an application for an employment tribunal has already been made and where the agreement is conditional on the withdrawal of these rights. Transaction agreements are not legally binding unless the employee has received independent legal advice. Employers generally agree to pay for your legal fees, but they don`t necessarily cover all of your expenses.