The Severance Release Agreement is a crucial document used in Australian employment law contexts when formally concluding an employment relationship. It is typically implemented during redundancies, mutual separations, or negotiated exits, providing a legally binding framework that protects both parties' interests. The agreement comprehensively details severance payments, statutory entitlements, and additional benefits while securing a release of potential claims. It must comply with Australian employment legislation, including the Fair Work Act 2009, relevant state laws, and taxation requirements. This document is particularly important for managing risk in employment terminations, ensuring clear documentation of all agreed terms, and providing certainty for both parties regarding their rights and obligations post-employment.
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1. Parties: Identification of the employer and employee, including full legal names and ACN/ABN for companies
2. Background: Brief history of employment relationship, reason for separation, and context for the agreement
3. Definitions: Key terms used throughout the agreement, including 'Effective Date', 'Severance Payment', 'Claims', etc.
4. Termination of Employment: Clear statement of employment end date and terms of separation
5. Severance Payment: Detailed breakdown of all payments, including statutory entitlements, ex-gratia payments, and timing
6. Tax Treatment: Specification of how various payment components will be treated for tax purposes
7. Release and Waiver: Employee's release of claims against employer, with specific mention of statutory claims
8. Continuing Obligations: Ongoing confidentiality, intellectual property, and restraint obligations that survive termination
9. Return of Company Property: Requirements and timeline for returning all company assets and information
10. Non-Disparagement: Mutual obligations regarding non-disparagement
11. General Provisions: Standard clauses including governing law, entire agreement, and severability
12. Execution: Signature blocks and execution requirements
1. Post-Employment Assistance: Terms for transitional assistance or handover, used when employee's cooperation is needed post-termination
2. Outplacement Services: Details of career transition support, included when employer provides such benefits
3. Reference and Communications: Terms regarding employment references and internal/external communications about departure
4. Equity/Share Rights: Treatment of existing share rights or options, needed for employees with equity compensation
5. Medical Benefits: Continuation of health benefits if applicable, more common in senior executive agreements
6. Legal Costs: Terms regarding payment of legal costs for reviewing agreement, often included for senior employees
7. Deed of Release: Additional release documentation, used when more formal release structure is required
1. Schedule 1 - Payment Calculation: Detailed breakdown of all payment components including statutory entitlements, notice period, and ex-gratia payments
2. Schedule 2 - Company Property: Itemized list of company property to be returned
3. Schedule 3 - Continuing Obligations: Full text of relevant clauses from employment agreement that continue post-employment
4. Schedule 4 - Statutory Release Provisions: Specific statutory provisions and rights being released, with relevant legislative references
5. Appendix A - Tax Summary: Detailed explanation of tax treatment for various payment components
6. Appendix B - Benefits Summary: Details of any continuing benefits or special arrangements
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Relevant legal definitions
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Relevant Industries
Financial Services
Technology
Manufacturing
Professional Services
Retail
Healthcare
Mining and Resources
Education
Construction
Telecommunications
Media and Entertainment
Government and Public Sector
Hospitality
Transport and Logistics
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Operations
Sales
Marketing
Information Technology
Research and Development
Customer Service
Administration
Product Development
Business Development
Risk and Compliance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Executive Director
Senior Manager
Department Manager
Project Manager
Technical Lead
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Sales Director
Marketing Manager
Human Resources Manager
Operations Manager
Research Scientist
Legal Counsel
Account Manager
Financial Analyst
Business Development Manager
Product Manager
Regional Manager
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