Settlement agreements are legally binding contracts between employees and employers that can result from negotiation, mediation, arbitration, or litigation. When an employee and employer have a legal dispute, settlement agreements outline the terms and conditions that the parties have agreed to accept as a resolution. These contracts cannot be changed once they are official, so a waiting period of 21 days is given to the plaintiff to carefully consider the terms and conditions before signing the agreement. Once the settlement agreement is signed, the plaintiff is given an additional seven days to change their mind and withdraw the contract.
At Sidney L. Gold & Associates, we work with employees and employers to formulate settlement agreements. It is vital for the parties involved to completely understand the terms and conditions of these settlement agreements because they cannot be changed through negotiations after the waiting period is over. Our employment lawyers in Philadelphia are committed to helping our clients reach a settlement agreement in litigation and class actions that is favorable and just.