A Voluntary Severance Agreement is used when both employer and employee agree to end the employment relationship on mutually agreed terms. This document, governed by English and Welsh law, provides legal protection for both parties by clearly outlining separation terms, including financial compensation, continuation of benefits, confidentiality obligations, and waiver of potential claims. It's particularly useful during corporate restructuring, redundancy situations, or when seeking an amicable separation. The agreement must comply with UK employment legislation and requires independent legal advice to be valid.
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Key Requirements PROMPT example:
Voluntary Severance Agreement
"I need a Voluntary Severance Agreement for a senior software developer who is leaving amicably on March 1, 2025, with a £50,000 settlement payment and continued health benefits for 6 months; we also need to include strong IP protection clauses."
1. Parties: Identification of employer and employee
2. Background: Context of employment and reason for severance
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specified date of employment termination
5. Severance Payment: Amount and terms of payment
6. Tax Treatment: Tax implications and responsibilities
7. Waiver of Claims: Employee's waiver of legal claims against employer
8. Confidentiality: Obligations regarding confidential information
9. Legal Advice: Confirmation of independent legal advice
1. Garden Leave: Terms of garden leave if applicable during notice period
2. Post-termination Restrictions: Non-compete and other restrictive covenants to protect business interests
3. Reference: Terms of agreed employment reference
4. Company Property: Provisions for return of company assets and equipment
5. Outplacement Support: Terms of career transition assistance if offered
1. Schedule 1: Payment Calculation: Detailed breakdown of severance payment including statutory and ex-gratia elements
2. Schedule 2: Claims Being Settled: Comprehensive list of statutory and contractual claims being waived
3. Schedule 3: Adviser's Certificate: Independent legal adviser's confirmation of advice given
4. Appendix 1: Agreed Reference: Template of agreed employment reference
5. Appendix 2: Post-termination Restrictions: Detailed terms of continuing obligations and restrictive covenants
Authors
Relevant legal definitions
Agreement
Adviser's Certificate
Board
Business
Claim
Company
Compensation Payment
Confidential Information
Effective Date
Employee
Employer
Employment
Group
Group Company
Independent Adviser
Intellectual Property Rights
Notice Period
Parent Company
Parties
Payment Date
Reference
Restricted Business
Restricted Period
Settlement Sum
Statutory Claims
Tax Liability
Termination Date
Territory
Waiver
Working Day
Adviser's Certificate
Board
Business
Claim
Company
Compensation Payment
Confidential Information
Effective Date
Employee
Employer
Employment
Group
Group Company
Independent Adviser
Intellectual Property Rights
Notice Period
Parent Company
Parties
Payment Date
Reference
Restricted Business
Restricted Period
Settlement Sum
Statutory Claims
Tax Liability
Termination Date
Territory
Waiver
Working Day
Clauses
Termination
Payments
Tax Treatment
Benefits
Waiver of Claims
Confidentiality
Non-Disparagement
Return of Property
Post-Termination Restrictions
Reference
Legal Costs
Entire Agreement
Third Party Rights
Variation
Severability
Governing Law
Jurisdiction
Legal Advice
Warranties
Announcements
Garden Leave
Outplacement Support
Continuing Obligations
Share Options
Pension Rights
Outstanding Expenses
Holiday Pay
Data Protection
Counterparts
Notices
Payments
Tax Treatment
Benefits
Waiver of Claims
Confidentiality
Non-Disparagement
Return of Property
Post-Termination Restrictions
Reference
Legal Costs
Entire Agreement
Third Party Rights
Variation
Severability
Governing Law
Jurisdiction
Legal Advice
Warranties
Announcements
Garden Leave
Outplacement Support
Continuing Obligations
Share Options
Pension Rights
Outstanding Expenses
Holiday Pay
Data Protection
Counterparts
Notices
Relevant Industries
Relevant Teams
Relevant Roles
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