severance agreement

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Definitions from WordNet

Noun severance agreement has 1 sense

severance agreement - an agreement on the terms on which an employee will leave
--₁ is a kind of agreement, understanding
--₁ has particulars: golden handshake

Definitions from the Web

Severance Agreement

A severance agreement, also known as a separation agreement, is a legal contract between an employer and an employee that outlines the terms and conditions of the employee's termination from the company. It usually includes the compensation, benefits, and other considerations provided to the employee in exchange for waiving their right to sue the employer for wrongful termination.

Example Sentences:

After the company downsized, all affected employees were required to sign a severance agreement before receiving their severance packages.
The severance agreement ensured that the former executive would continue to receive health insurance benefits for a period of six months.
By signing the severance agreement, Jane forfeited her right to sue the company for any employment-related issues.

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