Roanoke Severance Agreements Lawyer
A severance agreement outlines the severance pay and benefits that an employer offers to an employee upon termination. While these employment contracts are relatively simple, there are several pitfalls you should be aware of before signing a severance agreement.
For this reason, you should consult with an employment law attorney from the Spiggle Law Firm to improve your understanding of severance agreements. A Roanoke severance agreements lawyer could help you review your employer’s proposed contract terms and determine whether they are fair and legally valid.
Agreement Terms Explained
Regardless of the circumstances, most severance agreements include terms on severance pay, benefits, return of property, non-compete, and confidentiality. Severance refers to the amount that a former employee receives after being terminated as well as how often they are paid. It can be paid in cash, company stocks and bonds, or another monetary equivalent.
Most employers provide their employees with various benefits in addition to monetary compensation, such as medical, dental, or vision insurance. This portion of the severance agreement determines which benefits will continue after the termination of employment, as well as how long these benefits will last.
Return of Property
Many business owners provide property to their workers to use within the scope of their employment. Things like company computers, phones, and cars are the most common examples. Company property may have sensitive information that the employer would like back. A severance agreement can specify what property must be returned and contingencies for failure to do so, such as a reduction in severance pay.
A primary concern when a worker leaves a company is whether they will use the information they have learned to compete with the business either directly or as an employee of a competitor. A non-compete clause restricts the type, location, and duration of work that a former employee may engage in.
Any terms which unreasonably prevent a former worker from finding suitable employment may be deemed as overly restrictive. A severance agreement which unlawfully limits an employee’s rights would not be enforceable under employment law. A severance contract lawyer in Roanoke could help you determine whether your employer’s proposed agreement is overly restrictive.
Severance agreements also define what a former employee is allowed to discuss with third parties. While this commonly prohibits company information from being disclosed to competitors, it also keeps the terms of the severance agreement from reaching current employees who may be contemplating leaving as well. Confidentiality clauses are designed to protect the business interests of employers, but those which are too broad or too specific can form the basis of a successful civil claim.
Reach out to a Roanoke Severance Agreements Lawyer Today
Severance agreements can be mutually beneficial for both a worker and their employer. However, this type of employment contract can also be overly broad or too restrictive on a former worker’s employment rights.
Whether you need an employment contract drafted or are having issues with your employer’s proposed terms, a Roanoke severance agreements lawyer can help. Reach out to our firm today to set up a free consultation with qualified legal counsel.