“I was in shock when I lost my job – I didn’t see it coming. They offered me a severance package, but I don’t understand some of the terms of the agreement. They said not to worry, it’s just a few technicalities. Am I making the right move by signing it?”
Severance agreements are frequently offered to professionals to prevent expensive litigation between employers and terminated employees. A severance agreement is a contract between an employer and employee waiving certain legal rights of the employee in exchange for additional compensation or other benefits provided by the employer.
Severance benefits may include large one-time payments, continued health benefits, additional salary payments, letters of recommendation or other offers.
Severance packages may also include critical non-compete and confidentiality agreements, as well as releases requiring the employee to give up any claims she may have forever. Before signing, be knowledgeable of the effects any such agreement may have on your future ability to obtain employment.
If you’ve been offered severance in exchange for a release, contact us today.
This information is not a do-it-yourself guide to resolving employment disputes or handling employment litigation. While some may find this useful for understanding the basic issues and their legal context, it is NOT a substitute for experienced legal counsel and does not provide legal advice. Please contact the team at Gordon Law Group to discuss your specific case.