What is a severance agreement?

What is a severance agreement?
Charlotte May-06-2023 12:30:40
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A severance agreement is a contract entered into between an employer and an employee when the employee is leaving their employment. The agreement states the terms of severance pay, any benefits the employee may be entitled to, and any restrictions on either party such as non-disclosure or non-compete clauses. It also outlines how the employee’s leaving is to be handled in order to protect the interests of both parties.
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answered 22 Aug 2023

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