Severance agreements are often filled with land mines and can be challenging to navigate.
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But, like many on Wall Street, Fuld does not have employment or severance agreements, according to Schmidt.
Non-Disparagement and References : Severance agreements usually include a clause barring the employee from disparaging the former employer.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
Proprietary Information : Employers usually use severance agreements to prevent former employees from using proprietary information in their future work.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
Cooperation Provisions : Severance agreements often require the employee to cooperate fully with any legal proceeding or investigation involving the employer.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
Besides the value of the package, there are several types of clauses in almost all severance agreements that employees should be aware of.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
Severance agreements can be worth big bucks, but they can also impede success in future jobs through restrictions on competition and use of information.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
Release of Claims : Employers usually want severance agreements to get one concession in particular: a release by the employee of all legal claims against the employer.
FORBES: The Top Ten Reasons to Hire a Lawyer to Review Your Severance Agreement
And there may not be much in it for potential plaintiffs, since the staffers let go last week were instructed to sign severance agreements waiving away their rights to additional compensation.
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In the cases of both GM and Chrysler, the administration's Auto Task Force was not impressed that the companies haven't been able to modify their agreements with the UAW on compensation reductions, severance pay and a union-managed health care trust.
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