An Exit Agreement is a crucial document used when terminating an employment relationship in Saudi Arabia by mutual consent. This document is essential for ensuring compliance with Saudi Labor Law and protecting both employer and employee interests during the separation process. The agreement comprehensively addresses all aspects of employment termination, including final settlements, end-of-service benefits calculations, confidentiality obligations, and post-employment restrictions. It's particularly important in Saudi Arabia due to specific local legal requirements, including Sharia law principles and mandatory end-of-service benefit calculations. The Exit Agreement should be used whenever an employment relationship is being terminated amicably, providing clear documentation of all agreed terms and ensuring all legal obligations are met under Saudi jurisdiction.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief context of the employment relationship, including start date and role
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date when employment relationship ends and confirmation of mutual agreement
5. Final Settlement: Breakdown of all payments including salary, end of service benefits, and other entitlements
6. Company Property: Requirements for return of all company assets and property
7. Confidentiality Obligations: Ongoing obligations regarding confidential information
8. Full and Final Settlement: Confirmation that the agreement represents full and final settlement of all claims
9. Governing Law: Confirmation of Saudi law as governing law and jurisdiction
10. Execution: Signature blocks and execution requirements
1. Non-Compete Provisions: Used when requiring post-employment restrictions on working with competitors
2. Ongoing Projects Handover: Include when employee is involved in ongoing projects requiring formal handover
3. Reference Provision: Terms regarding future employment references, if agreed
4. Additional Benefits: Any extra payments or benefits beyond statutory requirements
5. Medical Insurance Extension: Terms for continuation of medical insurance if applicable
6. Cooperation Clause: Requirements for post-employment cooperation in investigations or litigation
7. Non-Disparagement: Mutual obligations regarding non-disparagement
8. Immigration Status: Include for expatriate employees regarding visa status and obligations
1. Schedule 1 - Payment Calculation: Detailed breakdown of all payment components including base salary, benefits, and statutory entitlements
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Handover Checklist: Detailed list of tasks and documents to be handed over
4. Appendix A - Confidential Information: Definition and scope of confidential information
5. Appendix B - Non-Compete Terms: Detailed terms of non-compete restrictions if applicable
6. Appendix C - Outstanding Leave Balance: Calculation of any outstanding leave entitlements
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