Very often, a transaction contract contains a clause requiring the worker to compensate the employer and compensate the employer for income tax, contributions or PRSI contributions related to the payment of termination under the agreement. However, if it is land, there is no binding contract. According to a very old law, the Fraud Act of 1695, an agreement must be made for the purchase or sale of land in writing. The written contract must also include the three agreed ps: price, ownership and (relevant) parties, Kelly says. In order to avoid future differences of opinion, it is advisable to agree on the specific language to be mentioned in reference and to include it in an appendix to the main comparison agreement. As a general rule, a transaction contract terminates the worker`s active affiliation with a pension plan related to his or her employment with the employer. It should be recognized that from the date of termination, the employer no longer contributes to pension, disability, death and life insurance for and in relation to the employee. Very often, an employer will endeavour to ensure that the transaction contract provides cover to one of its affiliates or associated companies, as well as to their directors, executives, employees or shareholders, who are born from or in connection with or as a result of the employment and/or termination provided for in the transaction contract. A transaction agreement, often referred to as a „compromise agreement,“ can be a convenient way for employers and workers to resolve any disputes that arise or exist between them without having to go back to the Labour Relations Board or the labour tribunal. Damages and interests: financial compensation ordered by a court to compensate for the loss or suffering caused by the act or inaction of another person. As a general rule, damages are sought in the event of an action for breach, negligence or breach of duty. De facto: (in Latin: in fact) Something that actually exists, but not necessarily approved by law (de jure).