When a business is changing, growing, or shrinking, there may be adjustments in the structure of the organization. In those circumstances, executive employees and management positions may be offered severance packages.
A severance agreement can be discussed when an employee is entering an employment contract or leaving a company. The agreements are enforceable by law and once they are agreed to by all parties, they mean an employee is releasing any future possibility of suing the employer. Do not sign a severance agreement with an Ohio business before discussing the terms with a Columbus severance negotiation attorneys.
Non-Compete and Confidentiality Clauses
Sometimes there are non-compete provisions within severance agreements. It is important you understand these provisions as it can impact your career options moving forward. Plus, there is the possibility of your employer taking that provision out through negotiations. Our attorneys can outline what the non-compete means for you and how it could impact future job opportunities if you agree to the terms.
Confidentiality clauses often appear in severance agreements as well. While these do not restrict your future employment options, they do mean you are not allowed to share the contents of the agreement. So, it is essential you do not discuss the terms of your agreement with your coworkers. For instance, if you tell a coworker about the amount of your severance pay and there is a confidentiality clause, you could lose out on your financial severance completely.
Severance agreement items to discuss with your lawyer:
- Non-compete clauses
- Confidentiality clauses
- Non-disparagement clauses
- Claims clauses
- Arbitration or mediation clauses
Take the Time You Need
Do not be rushed into signing a severance agreement, remember this is a legal contract. Once the contract is signed it is binding in a court of law. Because it is legally enforceable, it is important that you resist signing any document you do not understand. A severance agreement means you are only entitled to the benefits that are agreed upon by both parties. That means you lose the ability to fight the terms in the future.
Approach the situation calmly and rationally. When emotions are high, it can lead to bad decisions. Instead, think about what you want the end result to be and discuss the situation with our employment attorneys.
There are times when an individual can successfully negotiate an increase in their severance pay or terms that are more friendly to the employee. If that is not possible, there are other times when filing a complaint or a lawsuit is a viable alternative. Each situation requires a review, your Columbus severance negotiation attorneys can help you decide what is best for your circumstances.
Are you looking to negotiate your severance agreement? The lawyers at Coffman Legal LLC know the importance of understanding each clause of the agreement before you sign. Our attorneys are advocates for all Ohio workers. Contact us today. We can guide you through the process of securing the employment agreement that you deserve. Call 614-949-1181 for a free and confidential consultation.