Redundancy compromise agreements
A redundancy compromise agreement, formerly known as a compromise agreement, is now referred to as a 'settlement agreement'.
It's a legally binding contract offered by an employer to settle any claims an employee might have. Typically, it's provided when an employer makes an employee redundant.
Legally binding
A compromise agreement or settlement agreement is legally binding and asides from under exceptional circumstances, once signed you will not be able to re-negotiate.
It is vital you get professional advice and your employer will usually pay for the costs.