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Separation And Severance Agreement

Separation And Severance Agreement Template for India

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Key Requirements PROMPT example:

Separation And Severance Agreement

"I need a Separation and Severance Agreement for a senior IT executive's amicable departure effective March 1, 2025, including non-compete provisions, stock option treatment, and ongoing consultancy arrangements for knowledge transfer."

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Document background
The Separation and Severance Agreement is a critical document used in Indian employment law context when formally ending an employment relationship. It is typically implemented when an employee's service is being terminated through mutual consent, redundancy, or as part of a negotiated exit. The agreement comprehensively addresses all aspects of the employment termination, including financial settlements, statutory benefits, confidentiality obligations, and post-employment restrictions. It must comply with various Indian labor laws and regulations, including the Industrial Disputes Act, Payment of Gratuity Act, and relevant state-specific legislation. This document is particularly important for protecting both employer and employee interests by clearly documenting the terms of separation, preventing future disputes, and ensuring all legal requirements are met.
Suggested Sections

1. Parties: Identification of the employer and employee, including their registered addresses and legal designations

2. Background: Brief history of employment relationship, reason for separation, and context of the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Effective Date', 'Separation Date', 'Confidential Information', etc.

4. Term of Employment and Separation Date: Clear statement of the last working day and any transition period

5. Severance Payment: Details of the severance package, including base amount, method of calculation, and payment schedule

6. Statutory Dues and Benefits: Settlement of statutory payments including gratuity, provident fund, and unused leave encashment

7. Full and Final Settlement: Comprehensive listing of all payments and benefits due to the employee

8. Tax Implications: Clarification on tax treatment of various components and responsibility for tax payments

9. Return of Company Property: Requirements and timeline for returning company assets and documents

10. Continuing Obligations: Ongoing confidentiality obligations and restrictions post-employment

11. Release and Waiver: Mutual release of claims and legal rights, subject to terms of the agreement

12. Governing Law and Jurisdiction: Specification of applicable law and courts for dispute resolution

13. Entire Agreement: Integration clause confirming this as the complete agreement between parties

14. Execution: Signature blocks and execution formalities

Optional Sections

1. Non-Compete Obligations: Restrictions on future employment with competitors - include for senior positions or when dealing with sensitive information

2. Non-Solicitation: Restrictions on soliciting employees/customers - relevant for client-facing or management roles

3. Intellectual Property Rights: Special provisions for IP created during employment - important for technical or creative roles

4. Reference and Communications: Terms regarding employment references and internal/external communications about the separation

5. Outplacement Services: Details of any career transition support - typically for senior roles or redundancy situations

6. Stock Options/Equity: Treatment of outstanding equity compensation - relevant if employee has stock options or RSUs

7. Medical Benefits Extension: Continuation of health insurance or medical benefits - optional benefit for long-serving employees

8. Cooperation in Pending Matters: Requirements for assistance in ongoing projects/litigation - important for key positions

9. Garden Leave: Terms of any garden leave period - relevant for senior positions or when protecting business interests

Suggested Schedules

1. Schedule A - Severance Calculation: Detailed breakdown of severance package components and calculations

2. Schedule B - Benefits Summary: Comprehensive list of benefits and their treatment post-separation

3. Schedule C - Company Property Checklist: Itemized list of company assets to be returned

4. Schedule D - Statutory Payment Details: Calculation of statutory dues including gratuity and provident fund

5. Appendix 1 - Confidential Information: Detailed description of what constitutes confidential information

6. Appendix 2 - Release Form: Standard format for final release and discharge

7. Appendix 3 - Tax Declaration: Employee's tax declaration for severance payment treatment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries








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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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