The Exit Agreement For Employees is a crucial document used in Saudi Arabia when terminating employment relationships, whether through mutual agreement, resignation, or other circumstances. It serves as a comprehensive record of the separation terms, incorporating requirements from Saudi Labor Law (Royal Decree No. M/51) and related regulations. The agreement typically addresses end-of-service benefits calculations, final settlements, confidentiality obligations, and post-employment restrictions. It's particularly important in the Saudi Arabian context due to specific local requirements regarding employee benefits, social insurance (GOSI) settlements, and the Wage Protection System (WPS). This document helps prevent future disputes by clearly documenting all aspects of the employment termination while ensuring compliance with local labor laws and regulations.
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1. Parties: Identification of the employer and the employee, including full legal names and addresses
2. Background: Brief overview of employment history, current position, and mutual agreement to terminate
3. Definitions: Key terms used throughout the agreement, including Termination Date, Final Settlement, etc.
4. Termination of Employment: Formal statement of employment termination, including last working day and immediate obligations
5. Final Settlement: Details of all financial entitlements including salary, end of service benefits, and other dues
6. Company Property: Requirements for returning company assets, documents, and equipment
7. Confidentiality: Ongoing obligations regarding confidential information and trade secrets
8. Full and Final Settlement: Acknowledgment that the settlement represents complete discharge of all obligations
9. Tax and Social Insurance: Provisions regarding tax implications and GOSI settlements
10. Governing Law: Confirmation that the agreement is governed by Saudi Law
11. Execution: Signature blocks and execution requirements
1. Non-Competition: Restrictions on working for competitors, used for senior positions or employees with access to sensitive information
2. Non-Solicitation: Restrictions on approaching company employees or clients, typically for sales or senior positions
3. Ongoing Cooperation: Requirements for assistance in handover or future inquiries, used for complex roles
4. Reference: Terms regarding future employment references, included when specifically negotiated
5. Benefits Continuation: Any continued benefits post-termination, used for negotiated exits or senior positions
6. Legal Claims Release: Mutual release of claims, included in cases of potential disputes or negotiated exits
7. Repatriation: Terms for repatriation of expatriate employees, used for foreign workers
8. Share Options/Awards: Treatment of outstanding share options or awards, for employees in share schemes
1. Schedule 1 - Final Settlement Calculation: Detailed breakdown of all financial entitlements and deductions
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Benefits Summary: Summary of benefits and their treatment post-termination
4. Appendix A - Confidential Information Definition: Detailed description of what constitutes confidential information
5. Appendix B - Non-Competition Terms: Specific details of non-competition restrictions if applicable
6. Appendix C - Certificate of Service: Standard certificate confirming employment period and position
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