Severance agreements are usually worth a lot of money. They, however, can potentially limit the success of your future jobs via restrictions on the use of certain information and competition. It is therefore wise to use your money to hire a severance package lawyer in Toronto who will review and negotiate the deal for you prior to putting your signature on the contract.
Aside from the severance package value, there also are some clauses contained in these agreements that, as an employee, you should be aware of. Most times, a severance package lawyer in Toronto can negotiate to either remove some clauses and language that proves unfavourable to you (the client) or rewrite the language. If these options are not possible, then some form of compensation can be arrived at to have the language and clauses retained.
Detailed below are some examples of provisions of separation agreements that you should hire a severance lawyer to review.
As an employee, if you already are entitled to get a severance payment (since it is stipulated on the employment contract you signed or it is a company policy), you do not need to sign a severance agreement contract to get the money.
If you have to sign one, then your lawyer will see to it that the amount signed for is higher than the severance payment you are entitled to. Additionally, your lawyer will help you determine if the severance payment you are receiving is within the acceptable range in your industry/profession.
Money owed by the employer
If an employer owes you money, either in the form of unreimbursed expenses or cost of an unused vacation, he/she must pay for it whether the severance agreement is available or not. And if the severance agreement is to be signed, it should feature a date by which your employer will pay what is owed to you.
Severance agreements signed must explain the benefits that the employee stands to gain once he/she separates from his/her employer. These benefits can either be in the form of the continuation of health coverage or the right to remain under the employer’s medical coverage for a limited amount of time.
Bear in mind that any oral promise that an employer makes, or even an employer’s lawyer is not legally binding until it is included in a severance agreement that all parties sign. If a handshake promise is not honoured, then as the employee, you are unlucky. There is nothing you can do to force the employer to honour the promise. Even the courts have very little they can do.
But when working with a severance package lawyer in Markham, he/she will ensure that all promises the employer’s lawyer or the employer himself makes can be enforced even in a court of law.
It is true that severance packages are laden with lots of landmines and may prove impossible to navigate without the help of a professional lawyer. While the payout may be huge, you may miss out on it. With that said, the importance of hiring a severance package lawyer in Markham cannot be stressed enough.