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Redundancy Settlement Agreement

Redundancy Settlement Agreement Template for New Zealand

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Key Requirements PROMPT example:

Redundancy Settlement Agreement

"I need a Redundancy Settlement Agreement for a senior software developer in our New Zealand tech company, including provisions for a three-month notice period starting March 2025, garden leave, and protection of intellectual property rights."

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Document background
The Redundancy Settlement Agreement is a crucial document used in New Zealand when an employee's position becomes redundant due to genuine business reasons such as restructuring, downsizing, or organizational change. This agreement serves as a formal record of the terms agreed between the employer and employee, ensuring compliance with New Zealand employment law, particularly the Employment Relations Act 2000. It encompasses essential details including redundancy compensation, final entitlements, release of claims, and ongoing obligations of both parties. The document is designed to provide clarity and certainty while protecting both parties' interests and ensuring a fair and legal conclusion to the employment relationship. It should be used when a redundancy situation has been confirmed following proper consultation and when both parties have agreed to the terms of the settlement.
Suggested Sections

1. Parties: Identification of the employer and employee entering into the agreement

2. Background: Context of the redundancy situation and the purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specification of the employee's last day of employment

5. Redundancy Payment: Details of the redundancy compensation amount and payment terms

6. Final Pay and Entitlements: Calculation and payment of final salary, holiday pay, and other statutory entitlements

7. Tax Treatment: Clarification of how payments will be treated for tax purposes

8. Employee Obligations: Requirements for handover of work, company property return, and maintaining confidentiality

9. Employer Obligations: Commitments regarding references, announcements, and support services

10. Release and Waiver: Mutual release of claims and obligations post-termination

11. Confidentiality: Terms regarding the confidentiality of the agreement and its terms

12. Entire Agreement: Confirmation that this document represents the complete agreement between parties

13. Governing Law: Specification that New Zealand law governs the agreement

14. Execution: Signing provisions and attestation requirements

Optional Sections

1. Garden Leave: Include when the employee will be paid but not required to work during notice period

2. Outplacement Support: Include when the employer is providing career transition services

3. Share Options/Long-Term Incentives: Include when addressing the treatment of existing share schemes or incentives

4. Post-Employment Restrictions: Include when maintaining non-compete or non-solicitation provisions

5. Reference Provision: Include when specific arrangements for references are agreed

6. Company Property: Include detailed section when significant company assets need to be returned

7. Medical Insurance Extension: Include when continued medical coverage is part of the package

8. Legal Advice: Include when employer is contributing to independent legal advice costs

Suggested Schedules

1. Schedule 1 - Payment Calculations: Detailed breakdown of redundancy payment, final pay, and other entitlements

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

3. Schedule 3 - Employee Benefits Summary: Summary of treatment of various employee benefits post-termination

4. Appendix A - Deed of Release: Formal release of claims document

5. Appendix B - Certificate of Independent Legal Advice: Confirmation that employee received independent legal advice

6. Appendix C - Reference Template: Agreed form of reference to be provided

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
Clauses
Background
Interpretation
Definitions
Termination of Employment
Final Pay Calculation
Redundancy Payment
Payment Terms
Tax Treatment
KiwiSaver Contributions
Holiday Pay
Garden Leave
Company Property
Handover of Duties
Confidentiality
Intellectual Property
Non-Disparagement
References
Release and Waiver
Post-Employment Restrictions
Legal Compliance
Independent Legal Advice
Outplacement Support
Employee Benefits
Further Assurance
Entire Agreement
Severability
Governing Law
Dispute Resolution
Execution
Acknowledgment
Relevant Industries

Technology

Financial Services

Manufacturing

Retail

Healthcare

Professional Services

Education

Construction

Hospitality

Transportation

Energy

Telecommunications

Media

Real Estate

Mining

Agriculture

Relevant Teams

Human Resources

Legal

Finance

Operations

Senior Management

Information Technology

Sales

Marketing

Administration

Research and Development

Customer Service

Production

Quality Assurance

Business Development

Compliance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Department Manager

Project Manager

Senior Executive

Operations Manager

Financial Controller

Marketing Director

Sales Manager

Technical Lead

Research Scientist

Administrative Officer

Customer Service Representative

Production Supervisor

Software Engineer

Account Manager

Business Analyst

General Manager

Industries
Employment Relations Act 2000: The fundamental employment law in New Zealand that governs employment relationships, good faith obligations, and the process for restructuring and redundancy
Privacy Act 2020: Relevant for confidentiality provisions and handling of personal information in the settlement agreement
Income Tax Act 2007: Governs the tax treatment of redundancy payments and other settlement amounts
KiwiSaver Act 2006: Relevant for handling any KiwiSaver implications related to redundancy payments
Holidays Act 2003: Important for calculating final holiday pay and leave entitlements in redundancy situations
Human Rights Act 1993: Ensures the redundancy process and settlement terms are free from discrimination
Wages Protection Act 1983: Governs how wages and other payments must be paid to employees
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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