Severance Agreements Virginia
It is important to understand that there is no requirement or law that states that you are entitled to future benefits if you lose your job. This does not mean that you cannot negotiate a severance package. Why does a company pay severance pay if it doesn`t need it? Because you sell a “release” of all claims you have against the company. You sell a promise of no disappearing not to speak ill of your employer. In addition, your employer may have some “skeletons in the closet” that want to keep them in the closet. After you leave your business, you may be asked to review and sign a severance package that contains complex and detailed legal language about future compensation and legal actions against your employer. Before signing a compensation agreement, do your best to understand the terms and conditions and ensure that you will be offered a fair and appropriate severance package. If there is a non-competition prohibition regime, you should look for a lawyer to make sure it is not too broad and that it does not limit you excessively to looking for a new job. A general release can sometimes be too broad and can significantly limit your ability to sue for a legitimate right against another company, simply because they are somehow related to your employer.
A confidentiality provision can be so strict that it interferes with your ability to obtain financial advice from your accountant or tax lawyer. In addition, the compensation agreement may contain conditions that are simply not applicable. You should make sure that you know what rights cannot be waived, regardless of what the severance contract says. You have just been informed that your job has been laid off, but the company offers you a severance or severance contract. While the news of the termination is usually very disappointing, you should generally welcome the offer of a separation agreement or a compensation package. What for? Indeed, unless you have an employment contract with your employer that says otherwise or unless it is a collective dismissal, in Virginia, you are usually an employee at your leisure. This means that, as a general rule, the employer owes you nothing and may, for whatever reason, terminate you at any time without further compensation. This means that the employer no longer owes you anything, even if you have been dismissed for no good reason (for no reason).
The Virginia employer has only one impact on the problems that the employer should take into account when proposing severance pay. In most cases, it is always strongly recommended that an employer offer severance pay, as it is an effective way to reduce future liability. But like many legal issues, it`s not black and white. In the low probability that your severance agreement will be silent on trade secrets, you should not consider giving the green light to the use of trade secrets that you have learned for your own employer or for the benefit of your future employer.