Falls Church Severance Agreements Lawyer
Severance agreements specify the pay and benefits that a business owner offers to a former employee upon termination in addition to their final paycheck. Entering a severance agreement involves a complex process that employers and former employees should be aware of.
A Falls Church severance agreements lawyer can help you or your business by drafting a contract that satisfies both parties and keeps a dispute from turning into a lawsuit. Consult with an employment law attorney from the Spiggle Law Firm for more information on severance agreements.
Severance Contracts Explained
Although every situation is unique, all severance agreements have certain provisions that you should be familiar with. These include severance pay, whether certain benefits will continue, the return of company property, a non-compete clause, and a confidentiality agreement.
Pay after Severance
An agreement entered into upon termination provides how much a former employee will receive in severance, including a total amount as well as a timeline for when each payment will be disbursed. Payment can be issued in the form of company securities such as stock and bonds.
In addition to severance pay, many business owners also agree to provide benefits such as health, dental, or vision insurance to former employees. This provision determines what benefits a former worker will receive and how long they will continue.
Return of Company Property
Many business owners provide property for their workers to use during the course of their employment, including things like phones, cars, and computers. Though the property itself may be valuable, phones and computers may also have sensitive business information that a company is entitled to control. This provision establishes what property will be returned as well as mechanisms in the event that it is not returned.
Non-compete provisions are commonplace in the working world. In essence, a company is responsible for protecting itself from an employee leaving with key information such as client lists or proprietary processes that can be used to directly compete with the employer. A non-compete clause in a severance agreement creates restrictions for a former employee.
For example, the geographic area where they may find employment, the duration of which they are restricted in competing, and the subject matter of their restrictions could all be outlined in a severance agreement. Local courts are especially critical of these types of provisions and mandate all restrictions to be reasonable.
Similar to non-compete clauses, there are typically confidentiality provisions that restrict what a former employee may discuss with others. Unlike most other aspects of a severance contract, the confidentiality portion typically does not expire after a certain amount of time.
Consult with a Falls Church Severance Agreements Attorney Today
Whether you are negotiating your exit from a position or have encountered a problem in your employer’s proposed contract terms, you should speak with a Falls Church severance agreements lawyer. Set up an appointment with one of our attorneys so you can discuss your case with a professional and get started on a solution today.