Severance Agreement Template
What is a Severance Agreement?
A severance agreement document is a type of contract between an employer and an employee which contains rules and guidelines for the time when the employee is terminated. The severance agreement template should have details information about the employee’s payment, after termination or when the benefit will be discontinued. On this agreement template, there is a date when the employee and employer agree, following the period of employment time, and also the agreement that shows if the employer and employee agreed to terminate their relationship in the effective date. Both employer and employee desire to settle any actual or potential differences and disputes of their relationship.
Samples of Severance Agreement Form :
There are some terms in the severance agreement template that you should know. The effective last date for the employee will be decided by the employer. The employer does not have any obligation to pay for the termination and compensation for the employee and they will continue to receive insurance coverage from the employer. In the template, it will also state that the employee will release any claims or liabilities towards the employer too. The company should also prepare a reasonable severance package which can be one to two month’s pay depending on how long the employee has worked. You can easily download this type of template by clicking on the free link provided at the bottom of this page.
Severance Agreement Template |Word – download