🌟 Severance agreement
A severance agreement is a contract between an employer and an employee that outlines the terms of the employee's departure from the company. The agreement typically includes a severance package, which may include severance pay, continuation of benefits, and outplacement assistance. The agreement may also include a non-compete clause, which prohibits the employee from competing with the company for a period of time.
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Severance agreements can help employers and employees avoid costly litigation. They typically include a release of claims, meaning the employee can't sue the company, and may also have a non-compete clause.
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