A Termination and Release Agreement is a crucial document used when ending an employment relationship in Canada, whether through a without-cause termination, mutual agreement, or as part of a broader workforce reduction. This document serves multiple purposes: it formalizes the separation terms, provides clarity on financial entitlements, addresses ongoing obligations, and secures a release of claims from the employee. The agreement must comply with both federal and provincial employment standards, depending on the jurisdiction, and typically includes provisions for severance pay, benefit continuation, and confidentiality obligations. When drafting a Termination and Release Agreement, particular attention must be paid to Canadian employment standards legislation, human rights codes, and common law principles regarding reasonable notice and severance obligations. The document is essential for risk management and providing certainty to both parties regarding their rights and obligations following the employment termination.
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1. Parties: Identifies the employer and employee who are parties to the agreement
2. Background: Recitals stating the employment relationship, decision to terminate, and intention to settle all matters
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the effective date of employment termination
5. Final Wages and Accrued Benefits: Details payment of outstanding regular wages, vacation pay, and other accrued benefits
6. Severance Package: Specifies the severance amount, payment terms, and timing
7. Release of Claims: Comprehensive release of claims by employee against employer and related entities
8. Tax Treatment: Addresses tax withholding and treatment of payments
9. Confidentiality: Requires parties to maintain confidentiality of agreement terms
10. Return of Property: Requirements for returning company property
11. General Provisions: Standard contractual terms including governing law, entire agreement, and amendments
12. Execution: Signature blocks and date of agreement
1. Non-Disparagement: Mutual or one-way obligations not to make negative statements, included when reputation protection is important
2. Reference Letter: Terms regarding employment references, included when agreed as part of the settlement
3. Benefits Continuation: Details of any extended health benefits or insurance coverage, included when offering post-termination benefits
4. Non-Competition/Non-Solicitation: Post-employment restrictions, included when protecting business interests is crucial
5. Outplacement Services: Details of career transition support, included when offered as part of the package
6. Equity/Stock Options: Treatment of outstanding equity compensation, included when employee has stock options or RSUs
7. Legal Counsel: Acknowledgment of independent legal advice, included when required by local law or best practice
8. Cooperation: Requirements for post-termination assistance, included when needed for business continuity
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculations
2. Schedule B - Outstanding Benefits: List of accrued benefits and entitlements
3. Schedule C - Company Property: Itemized list of company property to be returned
4. Schedule D - Ongoing Benefits: Details of any continued benefits and their duration
5. Schedule E - Release Claims: Specific claims being released, including statutory references
Relevant legal definitions
Agreement
Company
Confidential Information
Effective Date
Employee
Employment Agreement
Final Wages
Group Companies
Released Claims
Released Parties
Severance Payment
Statutory Entitlements
Termination Date
Outstanding Benefits
Cause
Claims
Consideration
Company Property
Continued Benefits
Employment Period
Parties
Personnel
Relevant Period
Stock Options
Accrued Obligations
Affiliate
Board
Business Day
Compensation
Competing Business
Intellectual Property
Personal Information
Record of Employment
Related Entities
Releasees
Restrictive Covenants
Severance Period
Surviving Provisions
Tax Withholdings
Company
Confidential Information
Effective Date
Employee
Employment Agreement
Final Wages
Group Companies
Released Claims
Released Parties
Severance Payment
Statutory Entitlements
Termination Date
Outstanding Benefits
Cause
Claims
Consideration
Company Property
Continued Benefits
Employment Period
Parties
Personnel
Relevant Period
Stock Options
Accrued Obligations
Affiliate
Board
Business Day
Compensation
Competing Business
Intellectual Property
Personal Information
Record of Employment
Related Entities
Releasees
Restrictive Covenants
Severance Period
Surviving Provisions
Tax Withholdings
Clauses
Termination
Severance
Release
Confidentiality
Non-Disparagement
Return of Property
Benefits
Compensation
Tax
Governing Law
Reference
Non-Competition
Non-Solicitation
Intellectual Property
Survival
Amendment
Assignment
Notices
Severability
Entire Agreement
Independent Legal Advice
Acknowledgment
Waiver
Privacy
Cooperation
Indemnification
Dispute Resolution
Counterparts
Currency
Force Majeure
Severance
Release
Confidentiality
Non-Disparagement
Return of Property
Benefits
Compensation
Tax
Governing Law
Reference
Non-Competition
Non-Solicitation
Intellectual Property
Survival
Amendment
Assignment
Notices
Severability
Entire Agreement
Independent Legal Advice
Acknowledgment
Waiver
Privacy
Cooperation
Indemnification
Dispute Resolution
Counterparts
Currency
Force Majeure
Relevant Industries
Technology
Financial Services
Manufacturing
Retail
Healthcare
Professional Services
Construction
Energy
Mining
Transportation
Education
Telecommunications
Real Estate
Agriculture
Hospitality
Media and Entertainment
Relevant Teams
Human Resources
Legal
Employee Relations
Compliance
Executive Leadership
Finance
Payroll
People Operations
Talent Management
Risk Management
Relevant Roles
Human Resources Director
HR Manager
Legal Counsel
Employment Lawyer
HR Business Partner
Chief Human Resources Officer
HR Operations Manager
Employee Relations Manager
HR Coordinator
Talent Management Director
Chief Legal Officer
General Counsel
HR Compliance Manager
Personnel Manager
HR Administrator
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