Severance Agreements

A severance agreement is a contract between an employer and employee listing rights and responsibilities in the event of job termination

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Severance Agreements

A severance agreement defines benefits offered by a company upon your termination. These documents usually include clauses stating reasons for the termination and may list any agreed upon non-competition clause. Usually, this document clearly defines expectations moving forward.

However, severance agreements are frequently used to ensure that an employee does not file a wrongful termination suit, which is why it is important to have your attorney review your severance agreement before signing it. Sometimes severance agreements offer benefits. Most severance agreements:

  • Establish a rate of pay for a time after termination
  • Maintain existing insurance coverage for a time
  • Limit any negotiations or changes to the offer
  • Affect unemployment benefits access
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