Reston Severance Agreements Lawyer
Severance agreements are not required by state or federal law, but many employers offer them to employees when they are laid off or terminated from their jobs. When a Reston employer asks a worker to accept a severance package, it is advisable to have a seasoned employment law attorney review its terms in order to avoid negative long-term repercussions.
Employers usually provide severance agreements for their own benefit, so it is important for you to understand the terms before signing. A Reston severance agreements lawyer could explain the consequences of each provision and may be able to negotiate more favorable terms.
Types of Severance Packages
Reston business owners may ask employees to sign a severance agreement in several situations. Examples of circumstances where severance packages may be offered include:
Sometimes, employers ask workers to agree to severance terms at the beginning of their employment. Other times, a Reston severance packages attorney may be asked to review a package before an employee signs.
Severance Agreement Terms
Severance agreements may be offered for a variety of reasons and may contain many different types of terms. In order for an agreement to be legally binding, an employer must offer its terms to the worker who must subsequently accept them, and there must be some valuable consideration provided.
As part of the terms of a severance agreement, you should be offered certain benefits which can be treated as valuable considerations. If the benefits are unclear, a Reston lawyer could explain the severance agreement’s terms or seek an amendment to clarify them if necessary.
These benefits frequently include financial bonuses such as lump-sum payments or those which continue over a period of time. Severance packages also often include insurance and the continuance of other employee benefits. The value of benefits offered in Reston severance agreements may be calculated based on your years of service and compensation level or set at the discretion of your employer.
Business Owner Benefits
Business owners usually offer severance packages because they gain an advantage which is worth the cost of providing benefits. The advantage could be something as simple as the goodwill of employees they hope to re-hire in the future. Severance agreements commonly contain non-compete or non-solicitation clauses, which may prevent former employees from sharing company secrets or contacting customers they have worked with in the past.
Additionally, workers usually must also agree to waive their right to file any claims against the employer for unlawful employment practices. They would essentially trade the right to sue in exchange for benefits received through the agreement.
Get in Touch with a Reston Severance Agreements Attorney Today
Because employees may be waiving valuable rights when they sign severance agreements, it is important understand the pros and cons of accepting the terms before signing. A Reston severance agreements lawyer could review offered benefits and may be able to negotiate more favorable terms in certain situations. Assistance with interpreting or challenging terms of an agreement could be provided by a knowledgeable attorney, so call today to get started.