Settlement Agreements are legally binding contracts which are signed between an employee and employer. They settle claims which an employee may have arising from their employment such as pay claims or discrimination, or claims following termination of employment such as unfair dismissal.
Usually but not always, settlement agreements will involve a payment by the employer in exchange for the employee agreeing not to bring proceed with any legal claims they may have.
Compromise agreements is just an older name for what was basically the same thing until 2012. There were some slight differences in the regulations which mean that some (increasingly rare) claims still have to be dealt with under the old compromise regime.
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