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A Separation and Severance Agreement is utilized when an employment relationship is being terminated, whether through layoff, mutual agreement, or other circumstances. This document is crucial in the United States for protecting both employer and employee interests during employment separation. The agreement typically details severance pay, benefits continuation, confidentiality requirements, and release of claims. It must comply with federal legislation including the Age Discrimination in Employment Act (ADEA) and state-specific requirements. The document is particularly important when providing severance benefits in exchange for the employee waiving their right to future legal claims. Special considerations apply when the affected employee is over 40 years old, requiring specific language and review periods as mandated by the Older Workers Benefit Protection Act (OWBPA).

1. Parties: Identification of employer and employee

2. Background: Context of employment and reason for separation

3. Definitions: Key terms used throughout the agreement

4. Separation Date: Official termination date and final day of employment

5. Severance Payment: Amount, timing, and conditions of severance payment

6. Release of Claims: Employee's waiver of legal claims against employer

7. Consideration Period: Statutory period for reviewing agreement (21 days for those over 40)

8. Revocation Rights: Right to revoke acceptance within specified period (7 days for ADEA compliance)