Prince George’s County Severance Agreements Lawyer
Severance agreements are standard tools that outline terms for employees departing a company. When prepared correctly, severance agreements could provide benefits for both the employer and the departing employee.
The employment attorneys at the Spiggle Law Firm understand that these contracts can have a substantial impact on your future. If you are currently preparing or negotiating a severance agreement, a Prince George’s County severance agreements lawyer from our firm may be able to assist you.
What is a Severance Agreement?
Severance agreements are documents that outline the rights of anyone who leaves a company, typically for the benefit of those who are terminated. These rights may differ greatly depending on the specific position the worker in question held.
However, most severance agreements have the same core provisions. These typically include a release and waiver of claims, non-compete or non-solicitation clauses, non-disclosure clauses, compensation, and benefits packages, all of which may be broad or narrow in their scope.
Severance agreements could be presented at any time but are commonly discussed when an employee resigns, retires, is laid off, or is terminated. As such, these may provide lucrative benefits, such as a lump sum payment or continued pay and benefits for a set period. A severance agreements lawyer in Prince George’s County could help you understand the specific terms and conditions of your individualized severance agreement.
Requirements of a Binding Severance Agreement
A binding severance agreement requires consideration, meaning that the employer and the employee must each receive some benefit to which they were not initially entitled. For a departing employee, this may take the form of additional compensation or benefits held within a severance package.
Usually, the employee agrees in exchange for such benefits to release all potential legal claims against their employer, such as certain wrongful termination claims. Accepting and agreeing to these terms creates a binding and enforceable severance agreement.
Limitations and Outcomes of Severance Agreements
Legal guidelines must be followed to ensure fairness in severance agreements. For example, as mentioned previously, signing a severance agreement typically means you waive your right to sue your former employer.
However, there are limitations on terms an employer can include in severance agreements regarding discrimination claims. In other words, waivers related to discrimination claim may be invalidated if certain criteria are not met. A Prince George’s County severance agreements attorney could help write a clear waiver of discrimination claims so all parties understand.
To start, all waivers should be knowingly agreed to by both parties. Generally, they are only applicable to past incurrences, and they do not influence anything related to potential future actions.
There are also stringent guidelines for waivers associated with age discrimination and the Age Discrimination in Employment Act (ADEA). These include a minimum 21-day consideration period for employees before signing a valid waiver of any ADEA-applicable age discrimination claims.
This period could be extended if the severance agreement is associated with a group termination effort. Finally, even if you waive an age discrimination claim, you have the right to revoke your agreement within seven days.
Contacting a Prince George’s County Severance Agreements Attorney
Every situation and severance agreement is different, so you should always weigh the benefits of what you are receiving versus any rights surrendered. In the same vein, it is also advisable to contact a Prince George’s County severance agreements lawyer to discuss any concerns you may have before signing.
The Spiggle Law Firm’s dedicated employment attorneys could provide counsel into all varieties of severance agreement matters. If you are unsure of how a particular claim waiver may affect you, take advantage of our free online case review tool today to see what your options may be.