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Voluntary Severance Agreement

Voluntary Severance Agreement Template for India

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Key Requirements PROMPT example:

Voluntary Severance Agreement

"I need a Voluntary Severance Agreement for a senior IT manager in Bangalore who holds stock options and will be leaving the company on March 15, 2025; the agreement should include specific clauses about intellectual property rights and a non-compete provision for 12 months."

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Document background
A Voluntary Severance Agreement is a crucial document used in situations where an employer and employee mutually agree to terminate their employment relationship under agreeable terms. This document, governed by Indian employment law, serves as a comprehensive record of the separation terms, including financial compensation, statutory benefits, and post-employment obligations. It's particularly relevant in corporate restructuring, voluntary retirement schemes, or amicable separations where both parties seek a clear, legally binding framework for the termination. The agreement must comply with various Indian labor laws, including the Industrial Disputes Act, 1947, Payment of Gratuity Act, 1972, and relevant state-specific regulations. It typically includes detailed provisions for severance payments, confidentiality obligations, release of claims, and handling of company property, while ensuring all statutory requirements are met.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names and addresses

2. Background: Brief context of the employment relationship and mutual decision to terminate

3. Definitions: Key terms used throughout the agreement

4. Effective Date of Separation: Clear statement of when the employment relationship will terminate

5. Severance Payment: Details of the severance package, payment terms, and schedule

6. Statutory Dues and Benefits: Overview of gratuity, provident fund, and other statutory payments

7. Tax Implications: Statement on tax treatment of payments and responsibilities

8. Full and Final Settlement: Confirmation that the agreement represents complete settlement of all claims

9. Confidentiality Obligations: Ongoing duties regarding company confidential information

10. Return of Company Property: Requirements for returning all company assets and documents

11. Release of Claims: Mutual release of all claims between parties

12. Reference and Communication: Agreement on how departure will be communicated and reference provisions

13. Governing Law: Specification of Indian law as governing law and jurisdiction

14. Entire Agreement: Statement that this document represents the complete agreement between parties

Optional Sections

1. Non-Compete Obligations: Restrictions on future employment, if applicable and reasonable under Indian law

2. Equity/Stock Options: Treatment of any outstanding equity or stock options

3. Intellectual Property Rights: Specific provisions for employees involved in IP creation

4. Continued Medical Benefits: Extension of medical coverage if offered

5. Outplacement Services: Details of any career transition support provided

6. Non-Solicitation: Restrictions on soliciting employees or customers

7. Cooperation in Pending Matters: Requirements for assistance in ongoing projects or litigation

8. Training Cost Recovery Waiver: Waiver of any training bonds or recovery of training costs

Suggested Schedules

1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation

2. Schedule B - Statutory Dues Statement: Itemized list of all statutory payments due

3. Schedule C - Benefits Summary: Comprehensive list of benefits and their treatment post-separation

4. Schedule D - Company Property Checklist: List of company assets to be returned

5. Schedule E - Payment Timeline: Schedule of dates for all payments to be made

6. Appendix 1 - Release Form: Detailed release of claims form

7. Appendix 2 - Confidentiality Agreement: Detailed confidentiality terms and obligations

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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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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