Navigating a job loss is never easy, and the complex language of severance agreements can add to the challenge. Understanding the key aspects of these agreements is crucial to making informed decisions about your future.

General Release of Claims

Signing a general release of claims means you agree not to pursue legal action against your former employer for events that occurred during your employment. It's important to assess whether the severance package is worth giving up these rights.

Non-Compete Clauses

Non-compete clauses might restrict your ability to work with competitors for a period. Ensure that the compensation offered appropriately offsets this limitation, and be cautious of new clauses presented during negotiations.

Non-Solicitation and Confidentiality Agreements

Non-solicitation clauses can prevent you from hiring former colleagues, and confidentiality agreements might limit your ability to share information about your employer. Understand the scope and reasonableness of these clauses.

Reference to Unfulfilled Promises

Severance agreements sometimes include references to unagreed promises. Carefully review the language as these can impact future employment opportunities.

Consideration Period

Employees aged 40 or older are typically given 21 days to review agreements. Use this time to fully understand the terms and seek legal advice if necessary.

Slowing down the severance process and seeking clarity on ambiguous terms can help you make the best decision for your future. Don't hesitate to seek assistance if needed.