The Severance Agreement Letter is utilized when an employment relationship is being terminated by mutual agreement or as part of a settlement. This document, governed by English and Welsh law, provides clarity and legal certainty for both parties regarding the termination terms. It typically includes financial compensation details, continuing obligations, and waivers of potential claims. The agreement must comply with Section 203 of the Employment Rights Act 1996 and requires independent legal advice to be valid. A properly drafted Severance Agreement Letter helps prevent future disputes and provides a clean break for both parties.
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1. Opening Statement: Date, addressee details, and confirmation of employment termination
2. Termination Date: Clear statement of when employment ends and last working day
3. Financial Terms: Breakdown of severance payment, notice pay, holiday pay, and other financial entitlements
4. Tax Treatment: Explanation of tax handling of various payment elements including tax-free and taxable portions
5. Waiver of Claims: Comprehensive list of claims being waived and confirmation of settlement under Section 203 ERA
1. Reference Provision: Terms of employment reference and agreed wording when included as part of settlement
2. Outplacement Support: Details of any career transition services or support offered as part of the package
3. Company Property: Requirements and timeline for returning company assets, equipment, and documents
4. Post-termination Restrictions: Reminder of ongoing obligations including confidentiality and restrictive covenants
5. Medical/Life Insurance Benefits: Details of any continued benefits coverage or termination of benefits
1. Certificate of Independent Legal Advice: Mandatory confirmation from qualified legal advisor that employee received required independent advice
2. Payment Schedule: Detailed breakdown of all payments, their timing, and tax treatment
3. Reference Template: Agreed form of reference when included as part of the settlement terms
4. List of Claims: Comprehensive list of statutory and contractual claims being settled
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