The Severance Pay Release of Claims agreement is a crucial document used in India when terminating employment relationships, particularly in scenarios involving voluntary resignation, mutual separation, or organizational restructuring. This document serves multiple purposes: it clearly defines the severance package terms, ensures compliance with Indian labor laws, and provides legal protection for both employer and employee through mutual releases. The agreement is structured to address various aspects of employment termination, including statutory payments under Indian law (such as gratuity and provident fund), additional severance benefits, continuing obligations, and comprehensive release of claims. It's particularly important in the Indian legal context where employment-related disputes are common and multiple statutes govern employment relationships. The document should be customized based on factors such as the employee's tenure, seniority, compensation structure, and specific state laws applicable to the employment.
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1. Parties: Identification of the employer and employee, including their legal addresses and designations
2. Background: Brief description of employment history, reason for separation, and context for the agreement
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Pay', 'Claims', 'Released Parties'
4. Separation Date and Final Salary: Specification of last working day and details of final salary payment
5. Severance Payment: Details of severance amount, calculation method, payment schedule, and tax implications
6. Release of Claims: Comprehensive release of all claims, known and unknown, against the employer and related entities
7. Company Property: Requirements for return of company property and confidential information
8. Continuing Obligations: Survival of confidentiality, intellectual property, and other relevant obligations from employment agreement
9. Non-Disparagement: Mutual obligations regarding non-disparagement
10. References: Agreement on how employment references will be handled
11. Tax Matters: Clarification of tax responsibilities and implications
12. Governing Law: Specification of Indian law as governing law and jurisdiction details
13. General Provisions: Standard clauses including entire agreement, amendments, severability, and counterparts
1. Equity Compensation: Treatment of outstanding stock options or other equity compensation, used when employee has equity-based compensation
2. Non-Competition and Non-Solicitation: Post-employment restrictions, included when new restrictive covenants are needed
3. Special Benefits Continuation: Details of any continued benefits post-employment, used when offering extended benefits
4. Outplacement Services: Description of any career transition services provided, included when offering such support
5. Acknowledgment of Age Discrimination: Special provisions for employees over 40, used when applicable under company policy
6. Resignation from Directorships: Required when employee holds director positions in company or subsidiaries
7. Cooperation in Pending Matters: Used when employee's assistance may be needed in ongoing litigation or projects
8. Revocation Period: Inclusion of time period to revoke acceptance, used when required by policy or law
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation including basic pay, gratuity, and other components
2. Schedule B - List of Released Claims: Specific enumeration of all claims being released
3. Schedule C - Company Property Checklist: Itemized list of company property to be returned
4. Schedule D - Benefits Summary: Details of any benefits, insurance coverage, or perks being continued or terminated
5. Appendix 1 - Resignation Letter: Standard format resignation letter to be signed by employee
6. Appendix 2 - Compliance Certificate: Certificate confirming return of all company property and compliance with agreement terms
Relevant legal definitions
Clauses
Relevant Industries
Information Technology
Manufacturing
Financial Services
Professional Services
Healthcare
Telecommunications
Retail
Education
Construction
Pharmaceuticals
Automotive
Energy
Media and Entertainment
Real Estate
Hospitality
Relevant Teams
Human Resources
Legal
Finance
Compliance
Executive Leadership
Payroll
Employee Relations
Corporate Affairs
Risk Management
Relevant Roles
Human Resources Director
Legal Counsel
Chief Human Resources Officer
HR Manager
Employment Lawyer
Compensation and Benefits Manager
HR Business Partner
Chief Financial Officer
Finance Director
Chief Executive Officer
Chief Operating Officer
Department Heads
Senior Managers
Executive Directors
Company Secretary
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