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Severance agreements must comply with relevant employment laws such as anti-discrimination laws, wage and hour regulations and workers' compensation provisions. An agreement containing provisions that contradict these laws may be considered invalid.
If the severance pay is not subject to mitigation, you do not have to return the severance pay if you find new work during the severance period. If the severance pay is subject to mitigation, you stop receiving severance pay when you find new work.
The agreement must give the employee at least 21 days (or 45 days in a group layoff) to consider the agreement before signing it.
I agree to the terms of this Agreement, and I am voluntarily signing this release of all claims. I acknowledge that I have read and understand this Agreement, and I understand that I cannot pursue any of the claims and rights that I have waived in this Agreement at any time in the future.
A separation agreement (also commonly referred to as a severance agreement) between an employer and a departing employee specifying terms of the employee's separation from employment, including a release of legal claims against the employer in exchange for a benefit.