Severance Agreement Template Word

Redundancy pay helps employees stay on their feet financially as they seek new employment. Often, dismissal can be unexpected for the employee. A severance contract also helps the employer to ensure that the employee does not cause harm to the company after his dismissal. The agreement we have just concluded should be read once it is finalized. All facilities should also be reviewed and taken into account until the date of implementation of this agreement by the employee and the employer. This objective will not be achieved until both parties sign at the end of this document. If the employer is a business entity, a formally elected agent should be appointed by the board of directors or the business owner and scheduled for that signature. Recommended separation – It is recommended that each former employee be given two (2) weeks of severance pay after the termination of their employment relationship, as long as he or she signs a separation contract. CONSIDERING that the employer employs workers under a dated employment contract [date]; and the article with the words “I. The contracting parties “will serve as an introduction with a very brief description of this paperwork. The empty lines contained in this statement (and almost all others) must be satisfied with the information you have provided. Start by documenting the calendar date when this agreement becomes active using the two empty lines just before the term “Effective Date.” The official name of the employer in this relationship must be disclosed.

If it is a business entity, make sure that a status suffix (i.e. corp., ltd.) in the employer`s business name in the books is also registered. In this statement (before the term “employer”), enter the employer`s full name in the empty third line. The postal address of the employer`s business should, in the words of “… at the postal address of.¬†Fill the three empty lines after this expression with the address, the city and the state, from which the employer`s postal address. For the remainder of this statement, it is necessary to provide detailed information to the employee. Document his name (first, middle and last) on the empty line with the parent name “Employee.” In addition to the employee`s name, we must provide their postal address. Use the last three empty lines of this statement to indicate the street address, city and status of the employee`s postal address.

This should be the full address, i.e. if the employee has an apartment number or a second address line, they must be included in the first empty line after that sentence. In return, the worker must respect the separation agreement, the employer must take into account some kind of von. Consideration is an amount that can be legally remitted as payment to a natural or legal person for the purpose of fulfilling an obligation. For it to be considered legitimate, it must be useful with respect to what is requested. For example, a $100 payment to the employee for a list of claims that severely affects the employee`s ability to find a new job may seem unfair to a court. In order to compensate both parties, the parties would have to approve a separation agreement stipulating that no party is guilty of wrongdoing and that the dismissal of the worker was due solely on the basis of his actions.