A Severance Contract is used when employment is being terminated by mutual agreement or as part of a settlement. This document, governed by England and Wales law, protects both parties by clearly defining termination terms, including financial arrangements, confidentiality obligations, and waivers of claims. It must comply with specific statutory requirements, including the provision of independent legal advice to the employee. The contract typically includes details of severance payments, treatment of benefits, post-termination restrictions, and reference provisions.
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1. Parties: Identification of employer and employee
2. Background: Context of employment termination and basis for agreement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date employment ends and final working day
5. Severance Payment: Details of payment amounts, timing, and tax treatment
6. Waiver of Claims: Employee's waiver of legal claims against employer
7. Confidentiality: Obligations regarding confidential information and agreement terms
8. Legal Advice: Confirmation of independent legal advice received
1. Garden Leave: Terms of garden leave if applicable during notice period
2. Post-Termination Restrictions: Non-compete and other restrictive covenants to protect business interests
3. Reference: Terms of employment reference to be provided as part of settlement
4. Benefits Continuation: Details of any benefits extending beyond termination date
5. Company Property: Requirements for return of company property and assets
1. Schedule 1 - Claims: Detailed list of statutory and contractual claims being waived
2. Schedule 2 - Payment Calculation: Breakdown of severance payment components
3. Appendix 1 - Adviser's Certificate: Legal adviser's confirmation of advice given
4. Appendix 2 - Agreed Reference: Form of reference to be provided to future employers
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