Previously we posted some information about severance agreements. A severance agreement typically refers to an offer of money, or other consideration by the employer to the employee, in exchange for employee’s agreement to release the employer from liability along with other conditions.
An employee is free to accept a severance offer, reject it, or try to negotiate more favorable terms—either on his or her own or with the assistance of an attorney. Severance offers can be withdrawn if not accepted and typically expire after a certain date. Assuming the employee decides to negotiate, here are some additional monetary and non-monetary terms to consider:
An employee who is presented with a severance agreement should consult an attorney before making any decisions. The attorney can help the employee identify his or her options in this situation, and discuss the pros and cons of proceeding with each. The attorney can assist the employee in a severance negotiation, either directly with the employer or indirectly by advising the employee “behind the scenes” in a negotiation with the employer.
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