Severance agreements are frequently offered to professionals to prevent expensive litigation between employers and terminated employees. This type of agreement is a contract between an employer and employee waiving certain legal rights of the employee in exchange for additional compensation or other benefits provided by the employer. Such benefits may include:
- Large one-time payments
- Continued health benefits
- Additional salary payments
- Letters of recommendation
Severance packages may also include critical non-compete agreements. Before signing, be knowledgeable of the effects any such agreement may have on your future ability to obtain employment.
Severance payments are rarely offered without the employee signing a full release, forever giving up any claims he may have against the employer. If you’ve been offered severance in exchange for a release, call the law firm of Neil H. Greenberg & Associates today at 1-866-546-4752 to schedule a free consultation. The firm’s team of skilled and experienced attorneys are waiting to answer your questions and to help you protect your legal rights.