SEVERANCE AGREEMENT: To Sign or Not to Sign?

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First, take a deep breath. Being terminated many times may come out of the blue or even if you saw it coming it still is like a punch to the gut. Now, is not the time to make rash decisions and sign documents without thinking things through. Now, is the time to make wise decisions because the decisions you make now may impact you in the future. Know that if you are over the age of 40 then your employer must give you 21 days to sign the document and 7 days after you sign the document to then revoke the agreement.

Second, think about why you were terminated. A lot of times employers provide employees with severance agreements after an employee complains about discrimination, harassment or retaliation. If you have recently complained about harassment, discrimination or retaliation you need to contact an Indiana employment law attorney.

Third, understand what you are giving up when you sign the severance agreement. When you sign a severance agreement you are releasing your employer from any claims that you may have against it. That means you can't sue your attorney even if you didn't know at the time you have the claim because you are releasing the employer from known and unknown claims. Many severance agreements include confidentiality clauses.

Fourth, there are several material provisions to a severance agreement, the most important being consideration, confidentiality clause, and or non-disparagement clause. A confidentiality clause means that you cannot discuss the contents of the agreement, especially any payments. A consideration clause details the amount of money you will receive if you sign the agreement. A non-disparagement clause means that you cannot speak negatively about the company, especially on social media.

Fifth, negotiate. You must negotiate your severance agreement. If you aren't good at negotiating, contact an attorney and get some tips. Negotiate the consideration that your job offers, i.e. if your employer offered you 4 weeks pay, negotiate and ask for 16 weeks, knowing that you would be ok with receiving 8 weeks of pay. Negotiate the confidentiality and non-disparagement clauses, make sure you include language that makes both clauses mutual.

Contact an employment law attorney if you have any questions.

*The information you obtain in this article is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship.