If an employee’s employment becomes terminated, there are many things that take place, one of these things being a severance agreement. Employees may seek out a severance agreement even if the employer does not provide one. Maduff & Maduff is here to help you understand the basis of severance agreements and how they work.
What is a severance agreement?
A severance agreement is where an employee and employer collaborate where the employer may pay the employee in exchange for a waiver of claims. It is essential to seek out an employment law attorney, like us at Maduff & Maduff, to help you understand further on your particular agreement. Some of the conditions that may appear in your severance agreement include the following:
– Confidentiality of the agreement
– Continuation of your health insurance coverage
– Non-compete agreements
– Neutral reference for further employers
– Return all company property
– Cooperation clause
It is important to consult with an attorney before you take any action with a severance agreement. Talking to your attorney and having them look over your severance agreement will guarantee you are maximizing your benefits. Any of these provisions may have a huge impact on your future employment. If you have been offered a severance agreement by your employer or are looking to begin one, it is essential to speak with our employment law attorneys at Maduff & Maduff, who have been practicing employment law for over 20 years.
To learn more about how we can support you, contact us at Maduff & Maduff today.