The Independent Contractor Severance Agreement is utilized when a business needs to formally end a contractor relationship while providing certain financial considerations or benefits. This document, governed by U.S. federal and state laws, serves multiple purposes: it provides clarity on final payments, protects the company through releases and ongoing obligations, and gives the contractor certainty regarding their severance package. The agreement is particularly important in situations where the contractor has had significant access to confidential information or when the termination needs to be carefully managed to prevent future disputes.
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1. Parties: Identification of the company and contractor
2. Background: Brief history of the contractor relationship and reason for termination
3. Definitions: Key terms used throughout the agreement
4. Severance Payment: Amount, timing, and method of severance payment
5. Release of Claims: Contractor's release of legal claims against the company
6. Tax Matters: Tax treatment of payments and responsibilities
7. Confidentiality: Ongoing confidentiality obligations
8. Return of Property: Requirements for returning company property
1. Non-Compete: Restrictions on future work activities (include when protecting business interests is crucial)
2. Non-Solicitation: Restrictions on soliciting employees or clients (include when protecting client relationships is important)
3. Consulting Services: Terms for any transition services (include when contractor will provide transition support)
4. Benefits Continuation: Any continuing benefits arrangements (include if applicable benefits exist)
1. Schedule A - Payment Terms: Detailed breakdown of severance payments
2. Schedule B - Company Property: List of items to be returned
3. Schedule C - Ongoing Projects: List of projects requiring transition
4. Exhibit A - Release of Claims: Detailed release language and requirements
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