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Full And Final Settlement Agreement For Employee

Full And Final Settlement Agreement For Employee Template for Saudi Arabia

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Key Requirements PROMPT example:

Full And Final Settlement Agreement For Employee

"I need a Full and Final Settlement Agreement For Employee for a senior software engineer in Riyadh who is voluntarily resigning to join a competitor, with a planned termination date of March 15, 2025, and we need to include strong non-compete and confidentiality provisions due to their access to sensitive technical information."

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Document background
The Full and Final Settlement Agreement For Employee is a critical document used in Saudi Arabia when concluding employment relationships, whether through resignation, termination, or mutual agreement. It serves as a comprehensive record of the final settlement between employers and employees, incorporating all requirements under Saudi Labor Law and related regulations. The agreement typically includes calculations of end-of-service benefits, unused leave, final salary, and any other entitlements or obligations. It provides legal protection for both parties by documenting that all employment-related matters have been settled and that neither party has any further claims against the other. The document must comply with Saudi Labor Law requirements and should be available in both Arabic and English when dealing with non-Arabic speaking employees.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names, addresses, and relevant identification numbers

2. Background: Brief overview of the employment relationship, including start date, position, and circumstances leading to termination

3. Definitions: Key terms used throughout the agreement, including references to Saudi Labor Law terms

4. Termination Date: Clear statement of the official end date of employment

5. Settlement Amount: Detailed breakdown of the total settlement amount, including salary, end of service benefits, and other entitlements

6. Payment Terms: Details of how and when the settlement amount will be paid, including banking information

7. Employee Entitlements: Comprehensive list of all entitlements being settled, including leave, bonuses, and benefits

8. Tax and GOSI: Statement regarding tax implications and settlement of GOSI contributions

9. Company Property: Requirements for return of company property and confirmation of returns made

10. Confidentiality: Ongoing obligations regarding confidential information

11. Full and Final Settlement: Statement confirming this is a full and final settlement of all claims

12. Governing Law: Confirmation that the agreement is governed by Saudi Law and Sharia principles

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Non-Competition: Include when the employee had access to sensitive information or clients and there's a need to restrict future employment

2. References: Include when there's an agreement about providing employment references

3. Outstanding Loans: Include when there are any company loans or advances to be settled

4. Continuing Obligations: Include when specific obligations need to survive the termination

5. Legal Consultation: Include when the employee has received legal advice before signing

6. Resignation Letter: Include when the settlement is connected to a voluntary resignation

7. Visa/Sponsorship: Include for expatriate employees requiring transfer or cancellation of sponsorship

Suggested Schedules

1. Schedule 1 - Payment Calculation: Detailed calculation of all payment components including basic salary, end of service benefits, and other entitlements

2. Schedule 2 - Company Property List: Itemized list of company property to be returned

3. Schedule 3 - Employee Benefits Statement: Statement of all benefits and their status upon termination

4. Appendix A - Resignation Letter: Copy of the employee's resignation letter (if applicable)

5. Appendix B - Final Clearance Form: Standard company clearance form showing all departments' sign-off

6. Appendix C - Service Certificate: Draft of the service certificate to be provided to the employee

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Effective Date
Termination Date
Company
Employee
Basic Salary
End of Service Benefits
Settlement Amount
Final Settlement
Confidential Information
Company Property
Employment Contract
GOSI
Saudi Labor Law
Working Day
Notice Period
Outstanding Obligations
Release
Claims
Entitlements
Final Salary
Accrued Benefits
Leave Balance
Governing Law
Intellectual Property Rights
Non-Competition Obligations
Indemnification
Clearance Certificate
Service Certificate
Professional Secrets
Final Release
Ministry of Human Resources
Payment Date
Restricted Period
Severance Pay
Relevant Industries

Banking & Financial Services

Manufacturing

Technology

Healthcare

Retail

Construction

Oil & Gas

Education

Telecommunications

Professional Services

Hospitality

Real Estate

Transportation & Logistics

Mining

Media & Entertainment

Relevant Teams

Human Resources

Legal

Finance

Payroll

Compliance

Employee Relations

Corporate Services

Administration

Relevant Roles

HR Director

HR Manager

Legal Counsel

Finance Manager

Payroll Manager

HR Business Partner

Compensation & Benefits Manager

Employee Relations Manager

Legal Manager

Chief Human Resources Officer

HR Operations Manager

HR Administrator

Chief Legal Officer

Compliance Officer

Chief Financial Officer

Industries
Saudi Labor Law (Royal Decree No. M/51): The primary legislation governing employment relationships in Saudi Arabia, including termination procedures, employee rights, and settlement requirements
End of Service Benefits Regulations: Regulations under Articles 84-88 of the Saudi Labor Law governing the calculation and payment of end-of-service benefits
General Organization for Social Insurance (GOSI) Law: Legislation governing social insurance obligations and contributions that need to be settled upon employment termination
Saudi Labor Dispute Settlement Law: Regulations governing the resolution of labor disputes and the jurisdiction of labor courts in settlement matters
Ministry of Human Resources and Social Development (MHRSD) Regulations: Administrative regulations and guidelines for employment termination and settlement procedures
Wage Protection System (WPS) Regulations: Regulations ensuring proper documentation and payment of final settlements through the approved banking system
Saudi Arabian Monetary Authority (SAMA) Banking Rules: Regulations governing the transfer and documentation of settlement payments through Saudi banking system
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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