Severance agreements, also sometimes called separation agreements, are more and more common when a company terminates a person’s employment.
Before signing anything, it is important for an employee to consult legal counsel with specific experience in reviewing and negotiating severance agreements to determine if the agreement is fair and reasonable and what, if any, rights or claims you may be giving up.
Severance agreements are often negotiable and it may be necessary to negotiate such aspects of the agreement as compensation, non-compete, confidentiality or non-disclosure clauses, stock options, out-placement assistance, and other provisions.
Severance agreements usually include a release of an employee’s right to sue the employer, so if you think you have been wrongfully terminated because of race, sex, religion or some other discriminatory reason, it might be advisable not to sign.
Contact Lori Ecker for superior representation and counsel in all matters related to severance agreements.