The releasor authorizes his/her employer to release employment references including, but limited to, his/her employment history and wages and any information which may be requested relative to his/her employment, employment applications, and other related matters, and to furnish copies of any and all records which the employer may have regarding his/her employment.
Employment Agreement With Severance Clause In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00458
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Revocation Period means the period set forth in the General Release during which Employee may revoke such General Release. Revocation Period means the seven (7) calendar day period after Employee signs this Agreement, not counting the day Employee actually signs it.
4. Can an employer terminate me without advance notice or without giving a reason or an unfair reason for the termination? Yes. Illinois is an "employment at-will" state, meaning that an employer or employee may terminate the relationship at any time, without any reason or cause.
Your severance agreement should be offered to the employee during the notification meeting by your HR manager, who will review the details of the document with the employee. This can be a tricky conversation to have, which is why we suggest you have a layoff letter prepared.
Here is an example of a termination clause: “Party A and Party B have the right to terminate the Contract under material breach, change in circumstances, insolvency, and mutual agreement. To terminate the Contract, the terminating party must provide 30 days of written notice to the other party.
“If any term of this Agreement is to any extent invalid, illegal, or incapable of being enforced, such term shall be excluded to the extent of such invalidity, illegality, or unenforceability; all other terms hereof shall remain in full force and effect.”
How to Structure a Severance Agreement Determine Eligibility: Decide which employees will be offered a severance agreement based on company policy or specific circumstances. Consult Legal Counsel: Work with an attorney to draft the agreement to ensure compliance with federal and state laws.
