The Severance Release Agreement is a crucial legal document used in employment termination scenarios in India, whether through mutual agreement, redundancy, or organizational restructuring. This document is essential when providing severance packages that exceed statutory requirements or when seeking a comprehensive release of claims from departing employees. It must comply with Indian labor laws, including the Industrial Disputes Act, 1947, and address specific jurisdictional requirements regarding non-compete provisions, tax implications, and release of claims. The agreement typically includes detailed terms about severance payments, benefits, confidentiality obligations, and post-employment restrictions. It's particularly important for protecting both employer and employee interests while ensuring a clear and legally compliant separation process.
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1. Parties: Identification of the employer and employee, including their full legal names, addresses, and relevant registration/identification numbers
2. Background: Brief recital of the employment relationship, decision to terminate, and mutual desire to settle all claims
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Payment', 'Claims', 'Confidential Information'
4. Termination Date: Clear statement of when employment ends and final working day
5. Severance Payment: Detailed breakdown of the severance amount, payment schedule, and tax implications
6. Release of Claims: Comprehensive release of all claims by employee against employer, with specific reference to Indian labor laws
7. Company Property: Requirements for return of all company property, documents, and data
8. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets
9. Full and Final Settlement: Confirmation that this represents complete settlement of all dues and claims
10. Tax Indemnity: Employee's acknowledgment of tax responsibilities and indemnification of employer
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction for disputes
12. Execution: Signature blocks and execution formalities
1. Non-Compete Provisions: Used for senior positions or when employee had access to sensitive information, subject to reasonable restrictions under Indian law
2. Reference and Communications: Include when parties want to agree on how future employment references will be handled
3. Ongoing Cooperation: Used when employee's assistance might be needed for transition or future legal proceedings
4. Benefits Continuation: Include when certain benefits will continue post-termination
5. Non-Disparagement: Used in senior level separations or sensitive departures
6. Stock Options/Equity: Include when employee has outstanding stock options or equity rights
7. Legal Consultation: Acknowledgment that employee had opportunity to seek legal counsel, recommended for senior positions
8. Revocation Period: Include when giving employee time to consider and potentially revoke acceptance
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment components including basic salary, gratuity, leave encashment, and other benefits
2. Schedule B - Company Property Checklist: List of all company property to be returned
3. Schedule C - Outstanding Claims Release: Specific list of all claims being released, including statutory claims
4. Schedule D - Continuing Obligations: Detailed list of obligations that survive termination
5. Schedule E - Benefits Summary: Summary of any benefits continuing post-termination and their duration
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Relevant legal definitions
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Relevant Industries
Information Technology
Manufacturing
Financial Services
Professional Services
Healthcare
Retail
Telecommunications
Education
Construction
Pharmaceuticals
Media and Entertainment
Energy and Utilities
Automotive
Hospitality
Relevant Teams
Human Resources
Legal
Finance
Operations
Information Technology
Sales
Marketing
Research and Development
Administration
Compliance
Risk Management
Corporate Communications
Facilities Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Senior Manager
Department Head
Project Manager
Software Engineer
Sales Executive
Account Manager
HR Manager
Operations Manager
Research Analyst
Marketing Director
Technical Lead
Business Development Manager
Administrative Officer
Financial Analyst
Product Manager
Quality Assurance Engineer
Senior Consultant
Regional Manager
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