The Mutual Severance Agreement is a critical document used in Nigerian employment law contexts when an employer and employee agree to terminate their employment relationship on mutually acceptable terms. This document is particularly important in situations where both parties wish to ensure a clean break while protecting their respective interests. It typically comes into play during corporate restructuring, voluntary separation programs, or when senior executives depart from an organization. The agreement must comply with Nigerian labour laws, including the Labour Act and relevant employment regulations. It covers essential elements such as severance payments, benefits continuation, confidentiality obligations, and releases of claims, while also addressing specific requirements under Nigerian tax and pension laws.
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1. Parties: Identification of the employer and employee, including their full legal names and addresses
2. Background: Brief history of employment relationship, reason for separation, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Effective Date of Separation: Clear statement of when employment relationship will terminate
5. Severance Payment: Details of the severance package, payment schedule, and tax treatment
6. Final Wages and Benefits: Treatment of salary, accrued leave, bonuses, and other benefits up to termination date
7. Company Property: Requirements for return of company property and documentation
8. Confidentiality Obligations: Ongoing obligations regarding confidential information
9. Release of Claims: Mutual release of claims and waiver of rights to future legal action
10. Reference and Announcement: Agreement on how departure will be communicated and reference provisions
11. Non-Disparagement: Mutual agreements not to make negative statements about each other
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Ongoing Projects Handover: Used when employee is involved in critical projects requiring formal handover
2. Post-Termination Restrictions: Include when non-compete or non-solicitation provisions are required
3. Intellectual Property Rights: Necessary when employee created IP during employment
4. Legal Representation: Acknowledgment of independent legal advice, particularly important for senior executives
5. Medical Benefits Continuation: Include when extending medical coverage beyond termination
6. Share Options/Equity: Required when employee holds company shares or stock options
7. Pension Arrangements: Special provisions for pension schemes beyond statutory requirements
8. Outstanding Loans: Include when addressing repayment of company loans or advances
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance package components and calculations
2. Schedule 2 - Benefits Summary: Comprehensive list of benefits and their treatment post-termination
3. Schedule 3 - Company Property Checklist: Itemized list of company property to be returned
4. Schedule 4 - Outstanding Projects Status: List of ongoing projects and handover requirements
5. Appendix A - Employee's Release Form: Standard form for employee to sign confirming release of claims
6. Appendix B - Certificate of Service: Standard form documenting employment period and position held
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