Understanding Severance Agreements

Severance agreements can be complex and often contain critical terms that affect your future employment and financial stability. This guide explains what a severance agreement is, the key components to watch out for, and why it's essential to consult an attorney before signing.

What is a severance agreement?

A severance agreement is a contract between an employer and an employee that outlines the terms of employment termination. It often includes severance pay, benefits, and other compensations in exchange for the employee's agreement to certain conditions.

Key components of a severance agreement

  • Severance pay: The amount of money offered as severance.
  • Benefits continuation: Details about the continuation of health insurance or other benefits.
  • Confidentiality clause: Provisions requiring the employee to keep the terms of the agreement confidential.
  • Non-compete and non-solicitation clauses: Restrictions on working for competitors or soliciting former clients or employees.
  • Release of claims: A waiver of the right to sue the employer for any reason related to employment.

When to contact an attorney

  1. To understand complex terms: An attorney can explain the legal jargon and ensure you understand the implications of each term.
  2. To negotiate better terms: An experienced attorney can negotiate on your behalf to secure better severance pay, benefits, and other terms.
  3. To ensure fairness: An attorney can review the agreement to ensure it is fair and does not overly restrict your future employment opportunities.
  4. To protect your rights: If you believe you were wrongfully terminated or discriminated against, an attorney can advise you on additional claims or legal actions.

What Our Clients Are Saying:

Consult with Our Maryland Employment Law Attorneys About Your Severance Agreement

If you have been offered a severance agreement in Maryland, don’t sign it without first consulting with an experienced employment law attorney. Severance agreements can be complex and may contain terms that significantly impact your future employment and financial well-being. Our knowledgeable Maryland employment law attorneys at Tully Rinckey PLLC are here to review your agreement, explain your rights, and fight for the fair treatment and compensation you deserve.

To schedule an initial consultation with a member of our experienced team, contact us 24 hours a day, 7 days a week, at 8885294543 or info@tullylegal.com. You can also book your consultation online via the link below.

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