Protecting Employees When A Severance Agreement Is Necessary
It is increasingly common for employers to offer employment separation agreements, also referred to as severance agreements, to employees prior to terminating their employment. Employers do not offer these agreements to employees out of the goodness of their hearts. Rather, severance agreements are a way for businesses to release themselves from potential liability. If you have been offered a severance agreement, you may have questions about whether the agreement is reasonable, or whether you can negotiate more favorable terms.
If you would like an experienced lawyer to review your employee separation agreement, contact Fagan McManus, P.C. Based in Royal Oak, our lawyers review and negotiate severance agreements for employees across Michigan and the Detroit metropolitan area. If you are over 40, the Older Workers Benefit Protection Act applies to your severance agreement. This means that you have a minimum of 21 days to review an employee separation agreement, and you have seven days to revoke the acceptance of an agreement.
Work With An Attorney To Understand The Fine Print
Our lawyers will closely review the terms of your severance agreement. Depending on your goals and the circumstances surrounding your termination, we may be able to negotiate additional terms, such as:
- Additional compensation
- Continued employee benefits
- A non-disparagement clause or neutral reference
- Limitations on the scope or timeframe of a non-compete agreement
In every case, you can be certain that our lawyers will take the time to understand your needs and pursue the best possible agreement under your circumstances.