The Severance Agreement and General Release is a crucial document used in India when formally ending an employment relationship. It's typically implemented during voluntary resignations, mutual separations, or organizational restructuring, providing legal protection for both employer and employee. The agreement details severance compensation, statutory benefits, and post-employment obligations while ensuring compliance with Indian labor laws. It's particularly important in scenarios involving senior executives, long-term employees, or sensitive departures where a clear documented agreement is necessary. The document must carefully balance the employer's need for protection against future claims with the employee's rights under Indian law, which may restrict certain types of waivers or releases.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief overview of employment history, reason for separation, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Separation Date', 'Severance Payment', etc.
4. Separation and Final Payments: Details of employment termination date and final regular salary payment
5. Severance Benefits: Comprehensive description of severance package, including amount, method, and timing of payments
6. Statutory Dues and Benefits: Details of gratuity, provident fund, bonus, and other statutory payments
7. Release of Claims: Employee's release of all claims against the employer, with specific reference to Indian laws
8. Confidentiality Obligations: Ongoing confidentiality requirements post-employment
9. Company Property: Requirements for return of company property and documents
10. Non-Disparagement: Mutual agreements regarding non-disparagement
11. References: Agreement on how employment references will be handled
12. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction
13. Entire Agreement: Confirmation that this document represents the complete agreement between parties
1. Non-Compete Clause: Restrictions on future employment - only include if specifically agreed and reasonable under Indian law
2. Non-Solicitation: Restrictions on soliciting employees/clients - include for senior positions
3. Outplacement Services: Details of any career transition support - include if offered
4. Medical Benefits Continuation: Extension of medical coverage - include if applicable
5. Stock Options/Equity: Treatment of outstanding equity compensation - include if employee has stock options
6. Consulting Arrangements: Terms for any post-employment consulting work - include if transition period is needed
7. Legal Fees: Provisions for payment of legal fees for agreement review - include if offered
8. Resignation from Directorships: Required for employees who held director positions
9. Tax Indemnity: Include for high-value settlements or complex tax implications
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Statutory Benefits Calculation: Calculation of gratuity, provident fund, and other statutory dues
3. Schedule C - Company Property Checklist: List of company property to be returned
4. Schedule D - Outstanding Stock Options: Details of any outstanding equity compensation
5. Appendix 1 - Release Form: Detailed release of claims form as per Indian law
6. Appendix 2 - Confidential Information: Specific list of confidential information and trade secrets
7. Appendix 3 - Payment Timeline: Schedule of severance and benefits payments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Information Technology
Manufacturing
Financial Services
Healthcare
Retail
Telecommunications
Professional Services
Education
Real Estate
Construction
Pharmaceuticals
Energy
Media and Entertainment
Automotive
Consulting
Relevant Teams
Human Resources
Legal
Finance
Operations
Information Technology
Sales
Marketing
Research and Development
Production
Quality Assurance
Administration
Corporate Affairs
Risk Management
Compliance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Senior Manager
Department Head
Project Manager
Software Engineer
Sales Executive
Operations Manager
HR Manager
Marketing Director
Regional Manager
Account Manager
Technical Lead
Business Analyst
Research Scientist
Production Manager
General Manager
Vice President
Director
Senior Consultant
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