Oftentimes, when an employer terminates an employee’s employment, whether that be because of termination, layoff, or for any other reason, the employer presents the employee with a severance agreement. Severance agreements are legal contracts wherein an employee releases the employer from nearly any and all wrongdoing that occurred during the employee’s employment in exchange for some type of consideration – normally compensation. The most important thing you can do when receiving a severance agreement is contact an Ohio severance negotiation attorneys immediately because there are time constraints to accept the severance offer.
If an employer presents an employee over the age of 40 with a severance agreement, the employee has additional rights under the Age Discrimination in Employment Act and Older Workers Protection Act. These employees must have at least 21 days, or 45 days in the case of a Reduction in Force (“RIF”), to consider the agreement . However, the 21/45 day period can be waived. In addition, employees over the age of 40 must be given a 7 day revocation period.
The reason that employees should have an Ohio severance negotiation attorneys review their severance agreement is simple – this is a legal document and signing it has legal consequences. Employers’ counsel reviews the severance agreements to ensure they are compliant. In addition, many severance agreements include restrictive covenants that affect employees’ rights when pursuing subsequent employment. Furthermore, most severance agreements will include a suggestion to the employee to seek review of legal counsel. It is only after a thorough review of the circumstances of employment and separation that an Ohio severance negotiation attorneys can fully advise an employee of their rights. Finally, additional severance can be negotiated on behalf of the departing employee.
If you have been presented with a severance agreement, you should seek legal counsel from an Ohio severance negotiation attorneys to review the agreement and negotiate the terms of the severance agreement. If you have received a severance agreement, contact our office at 1-614-949-1181 for a FREE consultation with an Ohio severance negotiation attorneys that regularly handles severance reviews and negotiations.