Severance Agreements: What Should You Do?

Due to the pandemic, many employers have had to let employees go which often involves offering a severance package. The terms of a severance agreement usually include an offer by the employer to pay the employee a sum of money in exchange for a release of legal obligations.

Termination of employment is an overwhelming time and it may be difficult to understand the consequences of signing a severance agreement. Below are some tips on how to handle the situation.

Don’t Sign Right Away

When your employer presents a severance agreement to you, they should provide a timeline for consideration. This is not only so you can review the terms but to also afford you enough time to consult with an attorney.

Review Any Previous Agreements

If you’ve entered into any previous agreements with your employer, now is the time to review them carefully. Any earlier terms may be affected by the severance agreement. Be sure to bring these other documents to the attention of your attorney during a consultation so they can evaluate the full picture.

If you’re facing termination and have questions about the terms of severance, give us a call today to book an appointment to speak with one of our qualified business attorneys.