The Severance Pay Non Compete Agreement is utilized when an employer in Singapore wishes to protect their business interests while providing severance benefits to a departing employee. This document is particularly relevant in situations involving senior employees, those with access to confidential information, or employees with significant client relationships. The agreement must balance the employer's need for protection with the employee's right to work, adhering to Singapore's legal framework on restraint of trade. It typically includes detailed provisions on payment terms, restricted activities, geographical limitations, and duration of restrictions.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of the agreement, including reference to termination of employment
3. Definitions: Key terms including 'Restricted Period', 'Restricted Area', 'Competitive Business', 'Confidential Information'
4. Severance Payment: Details of severance amount, payment schedule, and conditions
5. Non-Compete Obligations: Specific restrictions on competitive activities, duration, and geographical scope
6. Confidentiality Obligations: Ongoing obligations regarding confidential information
7. Governing Law: Singapore law clause and jurisdiction
1. Garden Leave: Terms of garden leave during notice period, including duration and conditions
2. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers of the company
3. Return of Company Property: Process and timeline for returning company assets and confidential documents
4. Tax Provisions: Specific provisions regarding tax treatment of severance payment and obligations
1. Schedule 1 - Severance Payment Calculation: Detailed breakdown of severance payment computation and payment schedule
2. Schedule 2 - Restricted Territory: Detailed map or list of geographical areas covered by non-compete restrictions
3. Schedule 3 - Restricted Clients: List of specific clients covered by non-solicitation provisions
4. Appendix A - Acknowledgment Form: Employee acknowledgment of receiving severance and understanding restrictions
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