The Resignation Settlement Agreement is a crucial legal document used in India when an employee voluntarily terminates their employment relationship. It serves as a comprehensive record of the terms agreed upon between the employer and the departing employee, ensuring a clear and legally binding conclusion to the employment relationship. This document becomes particularly important in scenarios involving senior positions, long-term employees, or situations where significant benefits or settlements are involved. The agreement must comply with Indian labor laws, including the Industrial Disputes Act, 1947, Payment of Gratuity Act, 1972, and relevant state-specific legislation. It typically includes details about final settlement amounts, treatment of benefits, ongoing obligations, and mutual releases, providing protection and clarity for both parties while minimizing the risk of future disputes.
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1. Parties: Identification of the employer and employee with full legal names and addresses
2. Background: Brief history of employment, including start date, position, and context of resignation
3. Definitions: Definitions of key terms used throughout the agreement
4. Effective Date of Resignation: Clear statement of the last working day and formal termination date
5. Final Settlement Amount: Details of the total settlement amount and its components
6. Payment Terms: Timeline and mode of payment for all settlement amounts
7. Employee Benefits: Treatment of statutory benefits including PF, gratuity, and other applicable benefits
8. Full and Final Release: Mutual release from all claims and obligations post-settlement
9. Confidentiality Obligations: Ongoing confidentiality obligations of the employee
10. Return of Company Property: Requirements for returning all company assets and documents
11. Tax Implications: Clarity on tax treatment of settlement amounts and responsibilities
12. Governing Law: Specification of Indian law as governing law and jurisdiction
13. Execution: Signature blocks and execution formalities
1. Non-Compete Obligations: For senior positions or where specifically agreed, detailing post-employment competition restrictions
2. Stock Options/RSUs: Treatment of outstanding equity compensation, if applicable
3. Intellectual Property Rights: Specific IP assignments and obligations, particularly important for R&D or creative roles
4. Reference and Communication: Agreement on how future employment references will be handled
5. Ongoing Cooperation: Requirements for post-employment assistance in handover or specific matters
6. Medical Benefits Extension: Any continuation of medical benefits post-termination
7. Legal Fees: Agreement on payment of legal fees for document review
8. Dispute Resolution: Specific arbitration or mediation procedures if desired
1. Schedule A - Settlement Calculation: Detailed breakdown of all settlement amounts including salary, benefits, and deductions
2. Schedule B - Company Property List: Itemized list of company property to be returned
3. Schedule C - Benefits Summary: Detailed summary of all benefits and their treatment post-termination
4. Schedule D - Outstanding Obligations: List of any pending commitments or obligations from either party
5. Appendix 1 - Resignation Letter: Copy of the formal resignation letter
6. Appendix 2 - Handover Report: Document detailing status of ongoing projects and handover items
Relevant legal definitions
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Information Technology
Manufacturing
Financial Services
Healthcare
Retail
Telecommunications
Professional Services
Education
Pharmaceuticals
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Media and Entertainment
E-commerce
Banking
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Consulting
Relevant Teams
Human Resources
Legal
Finance
Operations
Information Technology
Sales
Marketing
Research and Development
Administration
Customer Service
Product Development
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Corporate Affairs
Procurement
Quality Assurance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Director
Senior Manager
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Software Engineer
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