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If severance is offered, make sure an attorney reviews the agreement. An employer will rarely provide severance pay without a Severance Agreement, which requires the employee to waive certain legal rights.A: A severance agreement spells out the conditions for a job termination, including what pay and benefits are offered to the employee. However, employers, in the absence of an employment contract, generally have no obligation to provide employees severance pay. In most cases, the initial draft or form severance agreement is written to your employer's advantage, not the employee. It is understood that there will be no continuation of any other benefits (e.g. , vacation or leave) during this time period. 3. It is usually based on length of employment for which an employee is eligible upon termination.