                                 CODE OF VIRGINIA

AGREEMENT AS TO COMPENSATION; PENALTY (§ 65.2-701)

A. If after injury or death, the employer and the injured employee or his
dependents reach an agreement in regard to compensation or in compromise of a
claim for compensation under this title, a memorandum of the agreement in the
form prescribed by the Commission shall be filed with the Commission for
approval. The agreement may be prepared by the employee, the employer or the
compensation carrier. If approved, the agreement shall be binding, and an award
of compensation entered upon such agreement shall be for all purposes
enforceable as provided by &#xA7; 65.2-710. If not approved, the same agreement
shall be void. Such agreement may be approved only when the Commission, or any
member thereof, is clearly of the opinion that the best interests of the
employee or his dependents will be served thereby. The approval of such
agreement shall bind infant or incapacitated dependents affected thereby. Any
agreement entered into during the pendency of an appeal to the Court of Appeals
shall be effective only with the approval of the Commission as herein provided.

B. An employer or insurance carrier which fails to file a memorandum of such
agreement with the Commission within fourteen calendar days of the date of its
complete written execution as indicated thereon may be subject to a fine not to
exceed $1,000 and to any other appropriate sanctions of the Commission.

C. Nothing herein contained shall be construed so as to prevent settlements made
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 are approved by
the Commission. A copy of such settlement agreement shall be filed with the
Commission by the employer.

HISTORY: 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.