Severance Agreement upon Termination or Resignation of Job or Employment
What this document covers
The Severance Agreement upon Termination or Resignation of Job or Employment is a legal document that outlines the terms and conditions related to an employee's termination. Its primary purpose is to provide clarity regarding severance pay, benefits termination, and legal waivers, distinguishing it from other termination agreements. By signing this form, an employee agrees to release the employer from potential legal claims in exchange for specified financial benefits, making it a critical tool for both parties during the employment separation process.
Form components explained
- Identification of the involved parties (Employer and Employee).
- Details on termination of employment date and conditions.
- Severance pay amount and payment schedule.
- Termination of benefits, including COBRA options.
- A release of claims against the employer.
- Confidentiality and non-disparagement clauses.
- Indemnification provisions to protect the employer.
Common use cases
This severance agreement should be used when an employee is voluntarily resigning or being terminated from their position. It is particularly vital in scenarios where severance pay is offered, and the employer wishes to secure a release from potential lawsuits. Employers and employees can benefit from this agreement in order to resolve employment-related disputes amicably and clarify the terms of their separation.
Intended users of this form
- Employers seeking to formalize the terms surrounding an employee's termination or resignation.
- Employees who are offered severance pay as part of their termination package.
- Human resources departments involved in employee separation processes.
How to complete this form
- Identify and enter the date the agreement is made.
- Fill in the names and addresses of both the employer and the employee.
- Specify the effective date of termination.
- Detail the severance pay amount and payment method.
- Review the terms regarding the release of claims and confidentiality provisions.
- Sign and date the document, and consider notarization if required.
Does this document require notarization?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to enter the correct termination date.
- Omitting key clauses related to severance pay and benefits.
- Not reviewing state-specific legal requirements before finalizing the agreement.
- Signing the agreement without understanding the terms, especially the release of claims.
Benefits of completing this form online
- Convenient access to a legally drafted severance agreement that can be downloaded and completed at any time.
- Editability allows users to customize the form according to their specific circumstances.
- Reliability in receiving a form that adheres to standard legal practices, drafted by licensed attorneys.
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FAQ
Severance or termination pay is something that many employees have heard of, but far less have actually ever received. Severance pay is usually given by an employer to its employees who are laid off or terminated for reasons other than firing-for-cause.
Severance pay is often granted to employees upon termination of employment. It is usually based on length of employment for which an employee is eligible upon termination.Severance pay is a matter of agreement between an employer and an employee (or the employee's representative).
However, severance packages typically include pay through the termination date and for any accrued vacation time, unreimbursed business expenses, and an additional lump sumtypically, one to two weeks for every year worked.
Severance pay a retrenched employee must at least be paid 1 week's pay for each completed year of ongoing service. However, the employer must pay the retrenched employee the amount specified in any policy or his/her employment contract, if that amount is larger.
