Going through employment termination can be complicated for both the employee and employer. Whatever the reason for the ending, the employer may choose to offer an Employee Separation Agreement to the particular employee.
This agreement is mutually beneficial in that it implies the absence of rancor about the situation. More importantly, the employee waives their right to file a wrongful termination lawsuit in the future.
The Employee Separation Agreement doesn't have to involve any severance package or monetary compensation for the employee, mostly if there was misconduct or a dispute that led to the termination.
In other cases, if the employer is to terminate the contract at-will, it may offer a severance package. Both parties usually negotiate the terms of the Employee Separation Agreement. Creating an Employee Separation Agreement is essential to get to the point and include enough details.
Depending on your state, an Employee Separation Agreement may also be known as:
Virtually, both the employer and employees can benefit significantly from an Employee Separation Agreement. As an employer, if you're terminating the contract of an employee who could potentially have a claim for wrongful termination, it's good practice to offer a separation agreement. This may also make sense for companies to provide separation agreements for the employees that are getting laid off.
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Your Employee Separation Agreement must contain all the necessary details regarding the employer and the employee. It should also include essential clauses for the protection of both parties. The best way to not leave anything out is to work off a proven template.
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For it to be legally binding, both the employer and the former employee must sign the Employee Separation Agreement. If not, it is implied that one or both parties do not accept the terms. Notarization is not required.
Both the employer and the employee should have a signed physical copy of the Employee Separation Agreement. The employer should keep in the company's records or the HR department.
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