Drafting Severance Agreements
Severance agreements allow employers to minimize liability and employees to bridge the gap to future employment. The drafting and negotiation of severance agreements may have significant financial impact on businesses, a poorly drafted agreement can have disastrous results. It is important that the terms and conditions of are laid out so both the employer and the employee understand the impact of executing the agreement. While employers should seek a release that is as comprehensive as possible, they must be aware that an overly broad release may expose the company to potential unenforceability or in some instances claims of retaliation.
Severance agreements may raise issues such as compensation, benefits, claims releases, specialized contract language, tax related issues and anti-solicitation (formerly non-compete)/anti-raiding provisions, which only experienced attorneys can navigate. The attorneys of Navigant have years of experience drafting Severance Agreements. They know where the fine line rests between an unenforceable agreement and one that can withstand the test.
With today’s increasingly mobile workforce, employers are continually at risk of losing employees to a competitor. Even more concerning, much of your proprietary information exists on laptops, tables and phones which are frequently located off site, under your employee’s control. To minimize risks associated with this ever changing business landscape, many businesses relay on written non-compete agreements to help maintain their competitive position in the marketplace. However recent case law has shaken up conventional non-competition views, requiring careful drafting to ensure the best change of holding up in court.
Every non-compete agreement issue is truly unique, and our experienced non-compete law attorney at Navigant take the time to understand your concerns to help craft the right non-compete agreement to protect your business from losing its key assets.