severance agreement

severance agreement
An agreement that records the terms of the employee's departure, and the payments to be made, in return for a waiver of claims.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • severance agreement — noun an agreement on the terms on which an employee will leave • Hypernyms: ↑agreement, ↑understanding • Hyponyms: ↑golden handshake …   Useful english dictionary

  • Severance Package — A bundle of pay and benefits offered to an employee upon being laid off from a company. The receipt of a severance package is contingent upon signing a severance agreement. The amount of money received is usually based on the length of employment …   Investment dictionary

  • severance — I noun bifurcation, cleavage, demarcation, detachment, differentiation, disassociation, discrimination, distinction, distinguishment, division, divorce, fission, isolation, scission, segregation, separation, sunderance, withdrawal associated… …   Law dictionary

  • severance pay — n. A sum of money paid to a terminated employee as compensation for firing him or her. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. severance pay Mone …   Law dictionary

  • severance — A settlement received after being released from a corporation. In the context of corporate governance, an agreement that assures high level executives of their positions or some compensation and are not contingent upon a change in control.… …   Financial and business terms

  • Severance Pay — The compensation that an employer provides to an employee who has been laid off, whose job has been eliminated, who through mutual agreement has decided to leave the company, or who has parted ways with the company for other reasons. Typically,… …   Investment dictionary

  • Severance package — A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee s remaining regular pay, it may include some of the following:* An additional payment based on months of service *… …   Wikipedia

  • severance contract — noun : an agreement for employment that stipulates certain benefits for the employee at the time of severance …   Useful english dictionary

  • compromise agreement — index composition (agreement in bankruptcy) Burton s Legal Thesaurus. William C. Burton. 2006 compromise agreement …   Law dictionary

  • Compromise agreement — In the United Kingdom, a compromise agreement is a specific type of contract, regulated by statute, between an employer and its employee (or ex employee) under which the employee receives a negotiated financial sum in exchange for agreeing that… …   Wikipedia

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