Should I Sign a Severance Agreement?
Key Considerations When You Are Offered a Severance Package
If you have been fired or laid off, you may be presented with a severance package. Most often, it will be a proposal to provide you a certain amount of severance pay in exchange for a release of legal claims against the company and your agreement not to disparage the company.
The first and most important question is whether you have any legal claims you might be considering, and what the value of those claims is in comparison to the severance amount. An employment attorney can help you assess those claims.
The other consideration is what else you are being asked to do in exchange for the money- for example, is there a new non compete obligation in the agreement, or an unreasonable cooperation requirement post-employment.
You should know that you are entitled to your final pay (including unused vacation) at termination, whether you sign the agreement or not. You should also be given a reasonable amount of time to consider the agreement and to consult an attorney before committing.
Learn more here about evaluating a severance agreement in Massachusetts.
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