California Accord and Satisfaction and Release between Employer and Executive Employee Pursuant to Severance Agreement

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US-0030BG
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Description

A Release is a document which, if properly used, effectively extinguishes potential causes of action on the part of the releasing party. Thus, in employment situations, the Release is usually a written record of the intention of an employee to relinquish claims of all sorts against the employer. A severance agreement is a contract between an employer and employee documenting the rights and responsibilities of both parties in the event of job termination. The contract specifies any severance package of pay and benefits and the conditions under which it will be provided or withheld.



An Accord and Satisfaction is an Agreement between two parties to a contract, in which one party (which has a legal claim against the other) releases the other party from its obligations in return for some form of compensation. The agreement is the 'accord,' and the compensation is the 'satisfaction.'


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FAQ

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If your employer offers a severance package, you can make a counteroffer, but you should do so with caution. Just as your employer typically does not have to offer you any severance, your employer can withdraw an offer if you do not accept it before it is withdrawn.

The new law creates an unlawful employment practice against employers that prevent disclosure of information about unlawful acts of harassment, discrimination or retaliation in the workplace in severance agreements, rendering such agreements unenforceable and against California's public policy.

How long do you have to decide whether you want to accept the Settlement Agreement? According to Acas guidance, employers should give an employee a minimum of 10 calendar days to decide whether they want to accept a Settlement Agreement. Your employer should not demand that the Agreement be signed straight away.

Key Provisions An employer must give an employee or former employee at least five days to consider a severance agreement the employer offers the employee. The employee may sign it sooner than five days if the employee wishes.

My employer deceived me into signing a claim of releases that I didn't want to sign. What can I do? Fraud, misrepresentation, duress, or unconscionability are common defenses you can use if you want to void a severance agreement that you already signed.

There is no legal requirement under California law that employers provide severance pay to an employee upon termination of employment. Employees should refer to their employer's policy with respect to severance pay.

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California Accord and Satisfaction and Release between Employer and Executive Employee Pursuant to Severance Agreement