Components of a Termination Agreement
Typically, a termination agreement includes provisions related to severance pay, benefits continuation, confidentiality, non-compete clauses, non-disparagement clauses, return of company property, and a release of claims.
Termination agreements often address the continuation of health insurance and other benefits, ensuring employees have time to transition and explore alternative coverage options.
Employers must adhere to federal and state laws regarding termination agreements, including those related to discrimination, minimum wage, and notice requirements.
Severance Pay & Termination
Severance pay is a key element in a termination agreement, providing financial support to the departing employee. Understanding the calculation, timing, and tax implications of severance pay is essential for both parties.
Confidentiality & Non-Disparagement
Confidentiality clauses protect a company's sensitive information, while non-disparagement clauses prevent both parties from making negative statements about one another.
Non-Compete & Non-Solicitation Clauses
These clauses may limit the employee's ability to work for competitors or solicit former colleagues or clients for a specified period after termination.
Release of Claims
By signing a release of claims, the departing employee agrees not to pursue legal action against the employer for issues related to their employment, such as discrimination or wrongful termination.
Contact Our NY Termination Agreement Lawyers
Both employers and employees should carefully review the terms of the agreement. Negotiating specific clauses can lead to more favorable outcomes for both parties. Seeking legal counsel is crucial before signing a termination agreement. An experienced New York termination attorney can review the document, ensure its fairness, and protect your rights throughout the process.
If you have any questions or require legal assistance with an employment law matter, don't hesitate to reach out to us. You can schedule a consultation by calling 516-279-1555 or by filling out the contact form on our website. We are here to provide you with the expert legal guidance you need.
Call Bashian & Papantoniou, P.C., today at 516-279-1555 or contact us online to schedule a free consultation with our employment termination agreements lawyer in NY.
