Severance agreement and general release is a mutual settlement between an employer and his employee wherein the terms and conditions for separation of the respective employee are arrived upon and in turn the employee undertakes to absolve the employer from all future claims of any kind and also indemnifies the employer of any consequence arising out of the employees action during or after the period of employment.
Normally this type of arrangement is entered into by an employee and employer in case of premature separation i.e. before expiry of slated contract period. The severance agreement and the general release should confirm to the statutory requirements of the labor laws of the land and should contain the specific details on severance benefits, the period in which these benefits would be provided, the revocation period of the agreement and the general release clauses.
This agreement comes into effect after the expiry of revocation time and after this time period the employer releases the benefits as agreed upon in the settlement and the employee in turn forgoes the right to make any claim of any nature against the employer in future.
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