The Mutual Severance Agreement serves as a comprehensive document that facilitates a clean break between employer and employee while protecting both parties' interests. It is commonly used during restructuring, voluntary departures, or negotiated exits. The agreement must comply with U.S. federal and state employment laws, including mandatory waiting periods and specific language requirements for age-related releases. Key components typically include financial compensation, benefit arrangements, and mutual releases of legal claims. This document is particularly important when dealing with senior executives or in situations where there might be potential disputes.
Mutual Severance Agreement for the United States
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Key Requirements PROMPT example:
Mutual Severance Agreement
"I need a Mutual Severance Agreement for our Senior VP of Sales who is leaving amicably on March 1, 2025, including a 6-month non-compete clause and continued health benefits, with a severance package worth 12 months' salary."
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background/Recitals: States the context and circumstances leading to the severance agreement
3. Definitions: Defines key terms used throughout the agreement
4. Separation Date: Specifies the effective date of employment termination
5. Severance Payment: Details the amount, timing, and form of severance compensation
6. Release of Claims: Mutual release of legal claims between parties
7. Confidentiality: Obligations regarding non-disclosure of confidential information
8. Return of Company Property: Requirements for returning company assets and materials
1. Non-Compete: Restrictions on future employment - include when protecting legitimate business interests is crucial
2. Non-Solicitation: Restrictions on soliciting employees or customers - include when protecting workforce and customer relationships is important
3. Benefits Continuation: Terms for continued health benefits or other benefits - include when offering COBRA or other benefit extensions
4. Outplacement Services: Provisions for career transition assistance - include when providing additional support services to departing employee
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Benefits Summary: Summary of continuing benefits and their duration
3. Schedule C - Company Property List: Itemized list of company property to be returned
4. Exhibit A - Release of Claims: Detailed release language as required by applicable laws
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