Negotiating and Accepting Severance Agreements in Virginia
Whether you are an employee or employer, negotiating and accepting severance agreements in Virginia can be a complex matter. This is not a gift or a simple payout. A severance package is a deal, and it needs to be treated as one. We highly recommend having an attorney help you draft and review any severance agreements. Understanding Severance Agreements At its core, a severance agreement is a deal. And a simple one at that. The former employee receives compensation, and the former employer receives various protections. Usually, employers seek a general release of claims, sometimes they ask for confidentiality. They may also request that you avoid speaking negatively of the company once you have been terminated. Basically, you have things that your employer wants when you are terminated. So, you need to negotiate what you are wiling to sell and settle on an appropriate sale price. What is the best way to negotiate a severance package? When you are leaving a company, you may be asked to sign a severance package. This typically contains detailed, complicated legal language. It talks about future compensation and rights to take legal action against the employer. This agreement should also state that you