The Severance and Release Agreement is a crucial document used in Pakistan when formally ending an employment relationship through mutual agreement or unilateral termination. It is particularly important in situations involving redundancy, restructuring, or negotiated exits, providing both parties with legal certainty and protection. The agreement must comply with Pakistani labor laws, including the Industrial Relations Act 2012, Employment and Service Conditions Act 1965, and relevant provincial legislation. This document typically includes detailed provisions for severance payments, benefit continuations, release of claims, and ongoing obligations such as confidentiality and non-competition. The Severance and Release Agreement serves as a comprehensive record of the separation terms while protecting both employer and employee interests through clear documentation of rights, obligations, and mutual releases.
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1. Parties: Identification of the employer and employee with complete legal names and addresses
2. Background: Brief history of employment relationship, reason for agreement, and context of separation
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Payment', 'Released Claims', etc.
4. Termination of Employment: Official termination date, final working day, and handover requirements
5. Severance Benefits: Detailed breakdown of severance package including monetary compensation and other benefits
6. Payment Terms: Timeline and method of severance payment, tax implications, and any conditions precedent
7. Release of Claims: Mutual release of claims and rights waived by both parties
8. Continuing Obligations: Ongoing obligations such as confidentiality, non-disparagement, and return of company property
9. Company Property: Requirements for return of company assets, documents, and intellectual property
10. Final Settlement: Confirmation that the severance package represents full and final settlement
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction
12. General Provisions: Standard clauses including entire agreement, amendments, and severability
1. Non-Competition: Restrictions on future employment with competitors, used for senior employees or those with access to sensitive information
2. Non-Solicitation: Restrictions on soliciting company employees or customers, typically for senior roles
3. Reference and Communications: Terms regarding future employment references and agreed communication about the separation
4. Outplacement Services: Details of any career transition support provided, typically for senior management
5. Benefits Continuation: Extended medical or other benefits beyond termination date, if applicable
6. Stock Options/Share Rights: Treatment of any outstanding equity compensation, for employees with share-based compensation
7. Legal Costs: Provisions for payment of legal fees for agreement review, typically for senior executives
8. Cooperation in Pending Matters: Requirements for assistance in ongoing business matters or litigation
9. Revocation Period: Time period for employee to revoke acceptance, if required by applicable law
1. Schedule A - Severance Calculation: Detailed calculation of severance amount including basic pay, gratuity, and other components
2. Schedule B - Benefits Summary: Complete list of benefits and their treatment post-termination
3. Schedule C - Company Property Checklist: Itemized list of company property to be returned
4. Schedule D - Outstanding Claims: List of all claims being released by both parties
5. Appendix 1 - Resignation Letter: Standard format resignation letter to be signed by employee
6. Appendix 2 - Certificate of Service: Standard format service certificate to be provided by employer
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