The settlement agreements are also called as compromise agreements. These agreements are generally established in the corporate organizations between the employer and the employee. These may be used for different purposes. For example, the employers may draft this agreement for the employees as a means to terminate the employment contract with the employee at any point of time and to compensate the employees with a defined amount in return. The use of settlement agreements is encouraged by the government because it proves to be flexible and beneficial for both the parties.
The UAW retiree settlement agreement worked during the period when the economic crisis hit UAW and the organization was filed for bankruptcy. After getting filed for bankruptcy in 2009, the company relied on the loans from the federal government to maintain its operations. As per the retiree settlement agreement, it is outlined that if any new company will take over UAW and will own all the assets, then also the retirees would continue to get their benefits under the supervision of the new company.
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