If you are working under a contract, you may be entitled to some form of severance when your employment is terminated. A severance agreement is a contract between employers and employees that determines the terms of the separation, including any compensation the outgoing employee will receive.
While these contracts are binding, poorly drafted agreements could lead to costly litigation. Attorney Sasha Begum understands what goes into a valid, enforceable agreement. Reach out today to learn how a Dominion severance agreement lawyer could help.
There are several important considerations for Dominion attorneys when drafting employment termination conditions. While it is natural to focus on the terms of compensation, you must keep other aspects in mind to ensure you are treated fairly after your current employment ends.
There is no question that compensation is the primary issue in any severance agreement. An agreement should include specific terms on any payments you will receive after your employment is terminated. This includes the continuation of salary and any future bonuses. You might also need to include terms related to stock or equity rights.
It is not enough to specify the amount of money your employer owes you. These documents should indicate how payments are made. For example, they could come in a lump sum or be made over time.
In some situations, you might be able to negotiate the continuation of your benefits for a period of time after you leave your current position. This might include compensation to cover the cost of extended medical coverage.
The terms of a severance agreement are not exclusively focused on your compensation. Typically, you may also be subject to clauses that are designed to protect the company after you leave. For example, they might request that you agree to a non-compete clause for a certain period of time. There are also typically terms that require confidentiality or prevent you from defaming your past employer.
Some agreements provide a framework for resolving disputes between the parties. This might include setting a certain jurisdiction for any future legal action or requiring the parties to resolve things through arbitration.
When you are faced with the possibility of leaving your current position, it is important that you negotiate your severance with your employer. Even if they give you a number and say it will be that or nothing, the reality is that this process usually involves extensive negotiations.
Whether you are leaving of your own free will or facing termination, it is important to go into this process with a negotiated settlement in mind. Our attorneys could negotiate on your behalf, finding a resolution that is fair while saving your employer from the hassles that come with litigation.
If you believe your employment is coming to an end, it is vital that you seek out legal counsel right away. Our Dominion attorneys could help you protect your rights in an employee termination contract while giving you a chance to obtain the fair compensation you deserve.
If you are in a position where you believe your employment is coming to an end, a severance agreement might be right for you. At Begum Peláez-Prada, PLLC, we could ensure you are treated fairly by drafting or negotiating an agreement that meets your needs.
Working out these deals can be a complicated process, but our team has the experience necessary to help you get the agreement you deserve. Reach out to a Dominion severance agreement lawyer today for a private consultation.
