Although the terms of transaction agreements vary, it is customary to include a confidentiality clause to protect the reputation and privacy of both parties. Depending on the circumstances, this can only cover details such as the amount of money paid or extend to the entire contract. If, instead of keeping the details secret, you feel that you want to talk openly about your reason for leaving your current job with future employers, you need to make sure that the terms of your transaction contract allow it, otherwise you could violate the contract. This confidentiality provision is in stark contradiction to the situation of the labour courts, since the details of all labour tribunals are now available in www.gov.uk from February 2017, which means that any potential employer can see if you have recently sued a former employer who treated you illegally. Confidentiality clauses are common in transaction agreements. They generally mean that the parties promise not to make prejudicial statements about each other. This would prevent you from making damaging comments in the press or on social media about your employer, even if you are telling the truth. It could also prevent you from reporting abuse as whistleblowers. Your lawyer should explain the consequences carefully.
ACAS agreements are generally much simpler and less extensive than transaction agreements. There are restrictions on the types of rights that can be offset by an ACAS agreement. This is why employers often prefer to enter into transaction agreements. Most compensations of less than $30,000 can be tax-exempt. How taxes bypass the payment of notification is more complicated and you need to discuss your particular circumstances with your lawyer. For a transaction agreement to be legally binding, you must have sought professional legal advice prior to signing and this consultation should have included consideration of possible restrictive agreements to prevent you from working. This can make it very difficult to terminate a transaction agreement if you later find it too restrictive. In this situation, you should certainly seek further advice or risk becoming more contractual if you take a position that prevented you from taking the contract.