The Severance Pay Non Compete Agreement is a critical document used when an employee's employment is terminated and the employer wishes to protect its business interests while providing financial compensation. This agreement, structured under Nigerian law, serves two primary purposes: first, it establishes the terms and conditions of the severance package, including payment amount, schedule, and any additional benefits; second, it implements post-employment restrictions to protect the company's confidential information, customer relationships, and competitive position. The document is particularly important in Nigeria's dynamic business environment where employee mobility and market competition are increasing. It must be carefully drafted to ensure compliance with Nigerian labour laws, constitutional provisions, and common law principles regarding restraint of trade to maintain enforceability.
Create a bespoke document in minutes, or upload and review your own.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Get your first 2 documents free
Your data doesn't train Genie's AI
You keep IP ownership of your information
Key Requirements PROMPT example:
Severance Pay Non Compete Agreement
"I need a Severance Pay Non-Compete Agreement for our departing Chief Technology Officer who will receive a 12-month severance package, with restrictions preventing work with competitors in Nigeria's fintech sector until January 2025."
1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment history and reason for separation
3. Definitions: Key terms used throughout the agreement, including 'Restricted Business', 'Territory', 'Confidential Information', etc.
4. Severance Payment: Details of the severance amount, payment schedule, and conditions for payment
5. Non-Compete Obligations: Specific restrictions on competitive activities, including geographical scope and duration
6. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers
7. Confidentiality: Ongoing obligations regarding confidential information and trade secrets
8. Return of Company Property: Requirements for returning company assets and information
9. Tax Implications: Statement on tax treatment of severance payments and responsibilities
10. Enforcement and Remedies: Legal remedies available in case of breach, including injunctive relief
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. General Provisions: Standard clauses including severability, entire agreement, and amendments
1. Garden Leave: Include when the agreement involves a period of paid leave before termination
2. Equity Compensation: Include when dealing with stock options or other equity-based compensation
3. Transition Services: Include when the employee is required to assist in transition of duties
4. Reference Provision: Include when specifying terms of future employment references
5. Legal Fee Reimbursement: Include when employer agrees to cover employee's legal costs for review
6. Outplacement Services: Include when providing career transition assistance
7. Medical Benefits Continuation: Include when extending health benefits beyond termination
1. Schedule 1 - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule 2 - Restricted Territory: Detailed description or map of geographical restrictions
3. Schedule 3 - Restricted Customers: List of specific customers covered by non-solicitation provisions
4. Schedule 4 - Company Property: Inventory of company property to be returned
5. Schedule 5 - Competitive Businesses: List of specific competitors or types of businesses covered by restrictions
6. Appendix A - Release of Claims: Standard form of release to be signed by employee
7. Appendix B - Confidential Information: Detailed description of protected confidential information
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Technology and Software
Telecommunications
Oil and Gas
Manufacturing
Professional Services
Healthcare
Pharmaceuticals
Fast-Moving Consumer Goods
Construction and Engineering
Education and Training
Energy
Consulting
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Sales
Business Development
Research and Development
Information Technology
Operations
Marketing
Product Development
Customer Service
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
Chief Technical Officer
Sales Director
Regional Manager
Account Manager
Senior Software Developer
Business Development Manager
Product Manager
Operations Manager
Technical Lead
Senior Engineer
Research and Development Manager
Marketing Director
Department Head
Senior Consultant
Project Manager
Find the exact document you need
Simple Compensation Agreement
A Nigerian law-compliant agreement outlining compensation terms and payment conditions between parties, typically used in employment or contractor relationships.
find out more
Employee Bonus Incentive Agreement
A Nigerian law-governed agreement establishing terms and conditions for employee bonus incentives, including performance metrics, calculation methods, and payment terms.
find out more
Stock Award Agreement
A Nigerian law-governed agreement that documents the grant of company shares to an employee, specifying terms, conditions, and vesting schedule.
find out more
Severance Pay Agreement
A Nigerian law-governed agreement detailing severance terms, compensation, and mutual obligations upon employment termination.
find out more
Compensation For Signing A Non Compete Agreement
A Nigerian law-governed agreement providing compensation in exchange for post-employment non-compete obligations, specifying restrictions and payment terms.
find out more
Severance Pay Non Compete Agreement
A Nigerian law-governed agreement combining severance payment terms with non-compete restrictions for departing employees.
find out more
Hiring Bonus Agreement
A Nigerian law-governed agreement establishing terms for payment and potential repayment of a hiring bonus between employer and employee.
find out more
Deferred Salary Agreement
A Nigerian law-governed agreement establishing terms for postponing employee salary payments, including payment schedules and regulatory compliance requirements.
find out more
Download our whitepaper on the future of AI in Legal
By providing your email address you are consenting to our Privacy Notice.
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
Our bank-grade security infrastructure undergoes regular external audits
We are ISO27001 certified, so your data is secure
Organizational security
You retain IP ownership of your documents
You have full control over your data and who gets to see it
Innovation in privacy:
Genie partnered with the Computational Privacy Department at Imperial College London
Together, we ran a £1 million research project on privacy and anonymity in legal contracts
Want to know more?
Visit our for more details and real-time security updates.
Read our Privacy Policy.