A Pay Off Agreement is utilized when an employer and employee agree to terminate their employment relationship on mutually agreed terms. This document is particularly relevant in situations involving senior executives, redundancies, or sensitive departures where both parties seek a clean break. Under Irish law, such agreements must comply with employment legislation, including the Payment of Wages Act 1991 and Protection of Employment Acts. The agreement typically includes detailed payment terms, tax provisions, confidentiality clauses, and releases from future claims. It serves as a comprehensive record of the termination arrangement and provides legal certainty for both parties. The document must be carefully drafted to ensure enforceability under Irish jurisdiction and may require independent legal advice for the employee.
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1. Parties: Identifies and defines the employer and employee parties to the agreement
2. Background: Sets out the context of the employment relationship and reason for the pay off agreement
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details the amount, timing, and method of the pay off payment
5. Tax Treatment: Addresses the tax implications of the payment and responsibilities of each party
6. Waiver and Release: Employee's waiver of claims against the employer
7. Confidentiality: Obligations regarding confidentiality of the agreement and its terms
8. Return of Property: Requirements for returning company property
9. References: Terms regarding future employment references
10. Governing Law: Specifies Irish law as governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Post-termination Restrictions: Non-compete and non-solicitation clauses, if applicable to the termination
2. Continuing Obligations: Any ongoing obligations that survive termination of employment
3. Legal Advice: Confirmation that the employee has received independent legal advice, if provided
4. Garden Leave: Terms of any garden leave period before final termination
5. Benefits Continuation: Details of any benefits that continue post-employment
6. Assistance with Transition: Terms for employee helping with handover of duties
7. Future Cooperation: Terms regarding employee's assistance with future inquiries or legal proceedings
1. Schedule 1 - Payment Calculation: Detailed breakdown of the pay off amount including salary, benefits, and other components
2. Schedule 2 - Company Property: List of company property to be returned
3. Schedule 3 - Continuing Obligations: Detailed list of any surviving contractual obligations
4. Appendix A - Tax Declaration: Employee's tax declaration form for payment processing
5. Appendix B - Legal Advice Certificate: Certificate from legal advisor confirming independent advice given
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