A Severance Settlement Agreement is used when employment is being terminated and both parties wish to achieve a clean break. This document, governed by English and Welsh law, provides legal certainty by setting out the terms of separation, including financial compensation, confidentiality requirements, and mutual obligations. It protects the employer from future claims while providing the employee with agreed benefits and certainty. The agreement must meet specific statutory requirements, including independent legal advice for the employee, to be legally valid.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of employment, reason for termination, and purpose of agreement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date employment ends and related arrangements
5. Settlement Payments: Details of all payments, including timing and tax treatment
6. Tax Indemnity: Employee's agreement to indemnify employer for unexpected tax liabilities
7. Waiver of Claims: Employee's waiver of employment-related claims
8. Confidentiality: Obligations regarding confidentiality of agreement and company information
1. Post-Termination Restrictions: Additional or reaffirmed restrictive covenants for employees with access to sensitive information or clients
2. Company Property: Provisions regarding return of company assets and intellectual property
3. Reference: Terms of employment reference to be provided as part of settlement
4. Outplacement Support: Details of career transition services if offered as part of package
1. Schedule 1: Payment Calculation: Detailed breakdown of settlement payment components
2. Schedule 2: Claims Being Settled: Comprehensive list of statutory and contractual claims being waived
3. Schedule 3: Adviser's Certificate: Independent legal adviser's confirmation of advice given
4. Appendix 1: Agreed Reference: Template of agreed employment reference if applicable
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