The Severance And Release Agreement is a crucial document used when terminating employment relationships in the United States, whether through layoffs, mutual separation, or other circumstances. This agreement serves dual purposes: providing financial support to departing employees while protecting the employer from potential future legal claims. It must be carefully drafted to comply with federal legislation such as the Age Discrimination in Employment Act, state-specific requirements, and include mandatory waiting periods and specific language for employees over 40. The agreement typically details severance pay, benefits continuation, and release of claims, while often incorporating confidentiality and non-disparagement provisions.
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1. Parties: Identifies the employer and employee with full legal names and addresses
2. Background: States the context of employment termination and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Severance Payment: Details the amount, timing, and method of severance payment
5. Release of Claims: Comprehensive release of known and unknown claims against the employer
6. Confidentiality: Obligations regarding non-disclosure of agreement terms and company information
7. Return of Company Property: Requirements for returning all company property
8. Governing Law: Specifies the jurisdiction and applicable laws governing the agreement
9. Acknowledgments: Employee acknowledgments of understanding and voluntary acceptance
10. Execution: Signature blocks and date of agreement
1. Non-Compete Provisions: Restrictions on future employment in competitive industries, when necessary to protect legitimate business interests
2. Non-Solicitation: Restrictions on soliciting employees or customers, used when protecting client relationships and workforce stability
3. Outplacement Services: Details of career transition assistance when offering additional support services
4. Benefits Continuation: Terms for continued health benefits or other benefits beyond termination date
5. References: Terms regarding future employment references and company response to reference requests
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation including base salary, bonuses, and other compensation elements
2. Schedule B - Company Property Checklist: Comprehensive list of company property to be returned by the employee
3. Appendix 1 - ADEA Disclosure: Required disclosure for employees over 40 under the Age Discrimination in Employment Act
4. Appendix 2 - State-Specific Notices: Required state-specific disclosures and notices based on applicable jurisdiction
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