Understanding Termination Agreements
When you are hired, you will likely sign some sort of employment agreement that outlines the terms of your professional relationship with your employer. Similarly, termination agreements are outlined when that relationship is terminated.
Employers that are on top of their legal obligations typically establish protections for themselves through termination agreements. These agreements outline limitations for claims that terminated employees can bring against the employer and may legally limit business competition after the business relationship has dissolved.
An Experienced Attorney Can Help
If you are being asked to sign a termination agreement as an employee, it is important to know your rights and obligations in that agreement. At Foote, Mielke, Chavez & O’Neil, LLC, we can help ensure that the contract you sign is in your best interest. If you feel hesitant about the terms presented to you, contact our office and we can review, negotiate and revise the contract as needed.
Terms Often Outlined In Termination Agreements
Termination agreements differ according to the individual employee/employer relationships they reflect, but common details outlined in such employment law agreements include:
- Noncompete clauses: Requests that an employee not directly compete with the employer in the marketplace for specific goods or services for a specific period of time
- Nondisclosure/confidentiality clauses: Requests that the employee agree to not share confidential information or disclose proprietary information gained through employment with the organization
- Discharges of claims and complaints: Requests that an employee agree to not bring legal claims against the employer, including back pay, damages, legal fees, etc.
- Surrender of property: Requests that the employee return paper or electronic documents as well as tangible property like keys, credit cards, computer equipment, etc.
- Severance payments: Outline the final payments (either through lump sum or payment schedules) for paychecks, health care coverage and other benefits
Let A Knowledgeable Termination Agreements Lawyer Help You
Remember that you do not have to sign anything just because an employer has presented you with a contract. You are well-advised to have those documents reviewed and negotiated by an experienced attorney. Contact us by calling our Geneva, Illinois, office or sending an email to arrange a consultation with a lawyer at our office.