45 Days to Review Severance Agreement

If you have recently been presented with a severance agreement, congratulations on completing your time with your previous employer. However, before you rush to sign anything, it is important to give yourself time to review the document thoroughly. In fact, it is recommended that you take at least 45 days to do so.

Why 45 days? This time frame is based on the Older Workers Benefit Protection Act (OWBPA), which requires employers to give employees aged 40 and over 21 days to review and consider a severance agreement. However, if the agreement is presented in a group format (such as during a layoff), the time period is extended to 45 days.

So why should you take this time to review the agreement? For starters, severance agreements can be complex legal documents that often include waivers and releases of various claims. It is important to fully understand what you are agreeing to before signing away any rights.

Taking the time to review and potentially negotiate the terms of the agreement can also lead to a better outcome for you. For example, you may be able to negotiate a higher severance pay amount or modify the non-compete clause to better suit your future career goals.

It is also important to consult with an attorney or another legal professional during this process. An experienced lawyer can help you understand any potential legal issues with the agreement and negotiate on your behalf.

In addition to the legal implications, taking 45 days to review the agreement can also provide some much-needed emotional distance from the situation. Losing a job can be a difficult and emotional experience, and agreeing to a severance agreement too quickly can lead to feelings of regret or resentment.

Overall, taking 45 days to review a severance agreement is a smart and responsible decision. It allows you to fully understand the terms of the agreement, potentially negotiate a better outcome, and provides some necessary emotional distance. So take your time and make an informed decision that is best for you and your future career endeavors.

This entry was posted on July 28, 2023, in Uncategorized. Bookmark the permalink.