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Work Settlement Agreement

Work Settlement Agreement Template for New Zealand

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Key Requirements PROMPT example:

Work Settlement Agreement

"I need a Work Settlement Agreement for a senior software developer who is leaving due to redundancy, with a settlement payment of $85,000 and garden leave period until March 15, 2025, including post-employment restrictions and an agreed reference letter."

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Document background
A Work Settlement Agreement is utilized in New Zealand when an employer and employee agree to resolve employment matters, whether arising from a dispute, redundancy, or mutual agreement to end the employment relationship. This document, governed by New Zealand employment law, particularly the Employment Relations Act 2000, serves as a comprehensive record of the settlement terms, including financial arrangements, confidentiality obligations, and mutual releases. It's commonly used to provide legal certainty and protection for both parties while ensuring compliance with local employment regulations. The agreement typically requires independent legal advice for the employee and must meet specific requirements under New Zealand law to be legally enforceable.
Suggested Sections

1. Parties: Identifies the employer and employee who are party to the agreement

2. Background: Outlines the employment relationship, any disputes or circumstances leading to the settlement

3. Definitions: Defines key terms used throughout the agreement

4. Settlement Payments: Details the amount, timing, and nature of all payments to be made

5. Tax Treatment: Specifies the tax treatment of various payment components

6. Mutual Release: Contains mutual releases from claims and liabilities

7. Confidentiality: Sets out confidentiality obligations regarding the settlement and its terms

8. Non-Disparagement: Mutual obligations not to make disparaging comments about each other

9. Final Settlement: Confirms this is full and final settlement of all claims

10. Employee Acknowledgments: Employee's confirmation of understanding and voluntary agreement

11. Legal Advice: Confirmation that independent legal advice was received or offered

12. Execution: Signing provisions and execution clauses

Optional Sections

1. Reference Provision: Terms regarding employment references - include when agreed to provide references

2. Return of Property: Requirements for returning company property - include when employee has company assets

3. Post-Employment Restrictions: Non-compete or non-solicitation provisions - include if continuing existing restrictions

4. Ongoing Cooperation: Terms for future assistance with investigations/litigation - include if relevant

5. Garden Leave: Terms of any garden leave period - include if applicable

6. Medical Insurance/Benefits: Continuation or termination of benefits - include if relevant

7. Announcement: Agreed internal/external communications - include if public announcement needed

8. Outplacement Support: Details of any career transition support - include if offered

Suggested Schedules

1. Schedule 1 - Payment Breakdown: Detailed breakdown of settlement payments and their components

2. Schedule 2 - Company Property: List of company property to be returned

3. Schedule 3 - Agreed Reference: Format and content of agreed employment reference

4. Appendix A - Certificate of Independent Legal Advice: Signed confirmation from employee's legal advisor

5. Appendix B - Resignation Letter: Employee's formal resignation letter if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Technology

Financial Services

Manufacturing

Retail

Healthcare

Professional Services

Education

Construction

Hospitality

Mining and Resources

Agriculture

Transportation and Logistics

Government

Non-Profit

Telecommunications

Relevant Teams

Human Resources

Legal

Finance

Operations

Sales

Administration

Information Technology

Customer Service

Manufacturing

Research and Development

Marketing

Executive Leadership

Facilities Management

Quality Assurance

Project Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Department Manager

Senior Executive

Human Resources Director

Operations Manager

Sales Representative

Administrative Staff

Technical Specialist

Project Manager

General Manager

Regional Manager

Account Manager

Software Developer

Customer Service Representative

Factory Worker

Retail Staff

Professional Staff

Executive Assistant

Supervisor

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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