IMPORTANT: The format of settlement with employee is given here under which is only a suggested format, the same can be downloaded and adopted according to the requirements.
We have experts to draft all legal documents such at appointment letter, contract of service etc.
We provide online services related to drafting and vetting all legal formats.
Online legal documents free download. Vetting of legal documents by experts online.
Call our board No. 011-2335 5388 or mail us through contact us page of our website for any requirements.
Settlement with Employee
The present settlement is entered between M/s. (name of the employer) hereinafter called as the MANAGEMENT/EMPLOYER. AND Sh.(name of the employee) hereinafter called as the WORKMAN/EMPLOYEE Whereas the EMPLOYEE Sh (name ) was working with the MANAGEMENT and there has been some dispute with regard to his various claims with the employer however the same stands finally settled after due negotiations between the parties and the present settlement is being entered between the parties accordingly on following terms and conditions :
i) EMPLOYEE will be paid Rs————-as the full and final settlement of all his claims which include his back wages, overtime wages, gratuity, bonus and all unpaid wages for the entire period of employment.
ii) EMPLOYEE will forgo all his claims of re-employment, reinstatement etc in all respects after the present settlement and shall not claim anything over and above the amount being paid under the present settlement. All his other claims are treated to be withdrawn and forgone.
iii) The present settlement shall be treated as a settlement under section 18 of the ID Act and the MANAGEMENT shall be at liberty to file the same before the authorities concerned.
iv) The EMPLOYEE will execute a separate receipt of the money received by him from the MANAGEMENT which shall be a part of the present settlement.
v) That all the complaints made by the EMPLOYEE shall be treated as withdrawn henceforth and the MANAGEMENT may place the present settlement before the authorities concerned to close any proceedings initiated on the complaint of the EMPLOYEE.
Received an amount of Rs. ———————————as full and final settlement amount in terms of the settlement dated ———————with the management of M/s————————————- This receipt is being issued as a part of the settlement being entered with separately.