When employers and employees work out the details of employment contracts, discussing the possibility of severance packages or severance agreements is often part of that process. For Colorado employees and employers, the details can be a vital part of the process of beginning employment, as well as ending employment with a company. Even when there are trusted relationships involved, it is vital to have legal support and advice when dealing with severance agreements.
A severance package can be a huge help for employers who want to attract quality employees. It can also be a source of support upon which an employee can rely should he or she be terminated from his or her position. This contract should be very detailed, and negotiations can help both parties feel confident in the finished draft. A clear and objective party can ensure a contact is fair and just for all involved.
Many severance packages have waiver clauses. This can mean that once a contract is signed, the right to revise or make a legal claim against the employer is surrendered. Many employees may not be totally clear about exactly what a waiver clause means. Legal counsel can fully explain the clause and ensure there are no misunderstandings or misinterpretations.
A legally binding contract can either protect both parties or be a source of contention if one party is not fully informed or clear about the details. Severance agreements are legally binding and should never be entered into lightly or without legal protection, regardless of the trust level involved between the employers and employees. Our website provides more information about how severance negotiations can help both Colorado employees and employers discreetly handle this very important employment matter.