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Properties of this Severance Agreement |
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 MS-Word format (.doc) |
2 pages |
477 words |
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Document Description:
A Severance Agreement (also known as a Termination Agreement or Golden Handshake) is an employment separation contract to be used upon termination, layoff, or occasionally upon the voluntary departure of an employee. This contract governs the terms by which an employee will leave employment. In signing the Severance Agreement, the employee waives his/her right to sue the former employer, usually in exchange for severance pay or another form of compensation.
This document is essential in providing the framework for a friendly and litigation-free termination. It is good practice to get employees to sign this contract or our Mutual Termination of Contract if you are not providing severance pay, upon the termination of a contract, as it reduces the threat of potential lawsuits and costly settlements.
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Features |
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