“In Ulster/Standard Bank of SA Ltd (2013) 34 ILJ 2343 (LC), after entering into a transaction contract with the CCMA, the worker applied to the Labour Court to establish a decision to cancel the transaction contract because she had not entered into it voluntarily and was being coerced by the legal representative of her union. The employment tribunal has confirmed that a party wishing to cancel the transaction contract must prove, taking into account the probabilities and within the meaning of our general contract law, the charge of non-relaxation. In this case, the employee was a bank manager with 30 years of experience. In addition, prior to signing the agreement, the employee confirmed to the Commissioner that she understood and accepted the employer`s proposal. For these reasons, the labour court ruled that the employee was bound by the agreement. (emphasis) (www.saflii.org/za/cases/ZALCCT/2013/3.html 2019) The “complete and definitive” trap is often used by the debtor, where the debtor makes a written or oral statement that the payment now resolves the problem. It may also take a more formal form, such as the fine print at the end of a transfer statement indicating that partial repayment is the “full and final settlement.” If the creditor accepts a simultaneous payment, it can be assumed that a “depreciation offer” has been accepted for the remaining debts. A full and final comparison email/letter/agreement is a legally binding agreement between two parties to settle a dispute. As a general rule, one party pays the other party a settlement payment in return for the other party in order to waive any claim in court. The language can be as simple as: To settle this matter amicably, I offer you the sum of [amount] (including interest and fees) as a full and final settlement of the [debt/debt] mentioned above.
10. Logistics – If there are practical aspects that need to be addressed before the agreement is signed (for example. B documents that are delivered, counterparties are executed), make sure they are settled immediately. Don`t forget what to do next, for example. B filing a court-compliant notice decision and/or court information that a hearing date may be exempt. The conditions for any regulation will be specific to the circumstances of each dispute, but there are some key elements that apply to each transaction solution and which, in addition to the above legal requirements, should be carefully considered to ensure that the agreement clearly and explicitly respects all the details of the proposed agreement: in short, it is recommended that the parties be cautious and ensure that they fully understand the terms of a transaction agreement before the agreement is signed.