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Severance Release Agreement

Severance Release Agreement Template for Pakistan

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Key Requirements PROMPT example:

Severance Release Agreement

"I need a Severance Release Agreement for a senior IT manager in Karachi who is being let go due to restructuring, effective March 15, 2025, with a non-compete clause and continued health benefits for 3 months."

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Document background
The Severance Release Agreement is a crucial document used in Pakistan when formally ending an employment relationship through mutual agreement or unilateral termination. It serves as a comprehensive legal instrument that protects both employer and employee interests by clearly defining the terms of separation, including financial settlements, ongoing obligations, and mutual releases. This document is particularly important in the Pakistani context as it must comply with federal labor laws such as the Industrial Relations Act 2012, the Employment Standing Orders Ordinance 1968, and various provincial labor regulations. The agreement typically comes into play during corporate restructuring, redundancies, voluntary separations, or negotiated exits, providing a clear framework for severance payments, statutory benefits, and final settlements while ensuring all legal requirements are met.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names and addresses

2. Background: Brief overview of the employment relationship, including start date, position, and reason for termination

3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Payment', 'Claims', and 'Confidential Information'

4. Termination of Employment: Official confirmation of employment termination date and final working day

5. Severance Payment: Details of the severance package, payment terms, timing, and tax implications

6. Final Settlement: Breakdown of all final payments including salary, benefits, and statutory entitlements

7. Release and Waiver: Employee's release of claims against the employer and affiliated parties

8. Company Property: Requirements for return of company property and confirmation of compliance

9. Confidentiality Obligations: Ongoing confidentiality obligations and handling of sensitive information

10. Non-Disparagement: Mutual agreements regarding non-disparagement

11. Governing Law: Specification of Pakistani law as governing law and jurisdiction

12. Acknowledgment: Employee's acknowledgment of understanding and voluntary acceptance

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Post-Employment Restrictions: Non-compete and non-solicitation provisions, if applicable to the employee's role

2. Continuing Cooperation: Terms for employee's assistance in transition or future matters, used when handover is complex

3. References: Agreement on how future employment references will be handled

4. Outstanding Stock Options: Treatment of any unvested stock options or equity, included if employee has such benefits

5. Legal Consultation: Acknowledgment of right to legal counsel, recommended for senior employees

6. Revocation Period: Period during which the employee can revoke acceptance, included for senior employees

7. Medical Benefits Continuation: Details of any post-employment medical coverage, if offered

8. Outplacement Services: Terms of any career transition support, if provided

Suggested Schedules

1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation including base salary, bonuses, and statutory payments

2. Schedule B - Benefits Summary: 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 - Claims Release Details: Specific list of claims being released under Pakistani law

5. Appendix 1 - Statutory Payments: Calculation of statutory payments under relevant Pakistani labor laws

6. Appendix 2 - Tax Summary: Summary of tax implications and withholdings on severance payments

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

Banking and Financial Services

Information Technology

Manufacturing

Telecommunications

Professional Services

Healthcare

Education

Real Estate

Retail

Energy

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Logistics and Transportation

Pharmaceuticals

Textiles

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Mining

Relevant Teams

Human Resources

Legal

Finance

Operations

Information Technology

Sales

Marketing

Research and Development

Administration

Production

Quality Assurance

Customer Service

Corporate Affairs

Procurement

Strategy

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Department Manager

Senior Executive

Project Manager

Software Engineer

Sales Manager

Operations Director

HR Manager

Marketing Manager

Account Manager

Production Supervisor

Research Scientist

Business Analyst

Administrative Officer

Regional Manager

General Manager

Technical Lead

Financial Analyst

Department Head

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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