Have you been terminated and offered a Severance Agreement? Do not sign it without having it reviewed by an experienced labor and employment lawyer.
A severance agreement is a contract where both you and your employer exchange something of value when you leave your employment. Generally speaking, you agree to waive certain claims against your employer in exchange for money.
For example, you may receive severance pay in return for a promise not to pursue claims against your employer for discrimination based upon sex, race or age. In a perfect world, the terms of the severance agreement would be fair to both sides. However, the reality is that most severance agreements are far more advantageous for the employer and contain possible pitfalls for the employee.
The terms of a typical severance agreement include the amount of severance pay, the scope of the release of the employer’s liability, accrued but unpaid PTO or vacation pay, medical benefits, claims for unreimbursed travel or other business expenses, non-disparagement, non-solicitation of employees, covenants not to complete, dispute resolution and confidentiality.
Call King Latham Law, PLLC to have an experienced attorney review your severance agreement and help you negotiate the terms of that agreement.