Retired or Laid Off From Your Current Position?
A Los Angeles Severance Agreement Attorney Will Help You Exit With Dignity
A severance agreement is an agreement between an employee and their employer. It involves the terms on which the employee will leave his or her position. Severance agreements are different than severance pay. It contains the payment of all earned but unpaid wages that an employee has accumulated at the time of his or her termination. There are circumstances under which an employee is given additional compensation to sign a severance agreement. In order for these contracts to be valid, they must be entered into willingly. You should never be under duress, be threatened or blackmailed into signing the agreement. You should also never be misinformed about the terms of your agreement. Yadegar, Minoofar & Soleymani LLP (YMS) know employment laws and may be able to help you in this time of difficulty.
Typically, this type of severance agreement is received as a result of retirement or being laid off, but it is sometimes provided when an employee resigns. An agreement is drawn between two or more people, typically the employee and their employer. In the agreement, specifications are made as to how the employee will conduct themselves with regards to their former employer, and in turn the business agrees to compensate the employee. Compensation can include, but is not limited to, additional pay, payment for earned but unused vacation time, health insurance, stock options, and 401k benefits. Employers use severance agreements to safeguard against being sued by former employees, or having them seek further compensation after they are no longer with the company. They are also used to ensure that an employee will not share private information about the company with competitors post-employment.
Contact a Los Angeles Severance Agreement Attorney and Receive a Favorable Exit Package
In some cases, additional severance pay is included in the hiring contract. Coercing an employee to sign an agreement not to sue for this compensation is unlawful. The employee is owed the money. An employee must pay it regardless of the conditions being presented at termination. It is important that you understand the terms of the contract that you are signing. This will prevent you from unintentionally breaching the contract. Seeking the advice of an attorney is advisable, contact YMS and we will ensure that you are getting the most out of your severance package.
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