65.2-701 - Agreement as to compensation; penalty.
§ 65.2-701. Agreement as to compensation; penalty.
A. If after injury or death, the employer and the injured employee or hisdependents reach an agreement in regard to compensation or in compromise of aclaim for compensation under this title, a memorandum of the agreement in theform prescribed by the Commission shall be filed with the Commission forapproval. The agreement may be prepared by the employee, the employer or thecompensation carrier. If approved, the agreement shall be binding, and anaward of compensation entered upon such agreement shall be for all purposesenforceable as provided by § 65.2-710. If not approved, the same agreementshall be void. Such agreement may be approved only when the Commission, orany member thereof, is clearly of the opinion that the best interests of theemployee or his dependents will be served thereby. The approval of suchagreement shall bind infant or incapacitated dependents affected thereby. Anyagreement entered into during the pendency of an appeal to the Court ofAppeals shall be effective only with the approval of the Commission as hereinprovided.
B. An employer or insurance carrier which fails to file a memorandum of suchagreement with the Commission within fourteen calendar days of the date ofits complete written execution as indicated thereon may be subject to a finenot to exceed $1,000 and to any other appropriate sanctions of the Commission.
C. Nothing herein contained shall be construed so as to prevent settlementsmade by and between the employee and employer, but rather to encourage them,so long as the amount of compensation and the time and manner of payment areapproved by the Commission. A copy of such settlement agreement shall befiled with the Commission by the employer.
(Code 1950, §§ 65-41, 65-90; 1954, c. 518; 1960, c. 299; 1968, c. 660, §§65.1-45, 65.1-93; 1971, Ex. Sess., c. 156; 1984, c. 703; 1989, c. 438; 1991,cc. 97, 355; 1997, c. 801.)