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No employee is entitled to severance, unless he or she has an employment contract providing a right to severance. Despite this fact, it is common for employers to offer severance to employees being laid off or terminated on relatively positive terms.
An employee must be very careful in signing any documents when accepting severance because such documents often contain expansive releases and waiver of rights.
Moreover, severance agreements often contain reaffirmations of existing, or new, non-compete agreements that can be problematic to an employee seeking new employment following his or her termination.
Severance agreements should be reviewed by counsel to ensure that they contain no unfair or problematic terms.
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