Severance and termination agreement forms are created by the human resource department of a company to notify the employee that his services are no longer required and he has been officially terminated. It is also called a Golden Handshake and is used in case of layoffs or voluntary retirement.
The severance and termination agreement governs the terms by which an employee will leave employment at a particular work place. By signing this, the employee waives his or her right to sue his employer, in return for a severance pay or some other form of compensation paid by the employer. Thus these forms help to prove the basis for a cordial and litigation-free termination.
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Sample Severance and Termination Agreement Form
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