A severance agreement and separation agreement is a formal document which lays down the terms and conditions of an employee’s termination from service. Every company has its own severance and separation which is applicable if an employee resigns voluntarily, is fired or is laid off. This agreement is created so that there is no conflict between the employee and the employer during the termination of service, especially related to compensation and salary issues.
The important points to be mentioned in this agreement are name, contact details and the date of joining and termination of the employee. If the employee is given any property or article by the company to be used for office work, or even identification card etc, they must be returned before the employee leaves. This agreement also mentions that the employee will not take any legal action against the company for the termination.
A sample of the agreement can be downloaded from below
[Also Read: Severance Plan Agreement]
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