Once a settlement agreement has been validly signed by both parties (and assuming it complies with the statutory requirements), it becomes a legally binding contract — so, in most cases, no, you cannot simply change your mind afterwards.
When can you still withdraw?
Before the agreement is finalised — meaning before it has been signed by both sides — either party is generally free to decide not to proceed. This is exactly why it's worth taking the time you're given to consider the offer properly, rather than feeling rushed into a decision.
Worth checking
There is no general statutory cooling-off period for settlement agreements. However, the wording of your particular agreement may contain provisions dealing with when it takes effect, how it can be varied or, in some cases, whether either party has a contractual right to withdraw.
Once the agreement has been properly entered into, walking away is very difficult. You would generally need to show a legal reason why the agreement is void, voidable or otherwise unenforceable — for example, if there has been a misrepresentation, the agreement was entered into under duress or undue influence, or you did not actually receive independent advice as required. A simple change of heart, on its own, is typically not enough.
If you're having second thoughts before signing, it's worth raising this with your adviser as early as possible — your options are far broader before the agreement is finalised than after.
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Get in touch →This article provides a high-level overview for general information purposes only and does not constitute legal advice. It should not be relied upon as a substitute for specific legal advice tailored to your individual circumstances.
Should you choose to formally instruct us, legal services will be provided by Nexa Law Limited. Employment Settlement Solicitor is a trading name of RJB Legal Services Ltd, a limited company registered in England and Wales with number 17353836. RJB Legal Services Ltd does not provide legal advice. RJB Legal Services is a consultant practice of Nexa Law Limited, a limited company registered in England and Wales with number 10209198, which is authorised and regulated by the Solicitors Regulation Authority under SRA number 633024.