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Upon termination, an employer may offer you a severance agreement. The intent of these agreements is to compensate a laid off employee in exchange for a promise not to sue the employer in the future. Because severance agreements are not mandatory, employers may choose to offer laid off employees a severance agreement with the terms of its choice.
If you've been laid off and presented with a severance agreement, it is important to understand the terms that you may be agreeing to. Here are a few things you should consider before you sign.
The list doesn't end here. In addition to making sure the offered terms of a severance agreement are favorable, you may want to consider making them more favorable. It's possible to negotiate a severance agreement, or even to ask for one if not initially offered. This process, however, may require an employment attorney, as complicated issues of contract and employment law are involved.