The Employment Settlement Agreement is a crucial document used in Saudi Arabia when an employer and employee mutually agree to terminate their employment relationship. It serves as a comprehensive record of the termination terms, financial settlements, and mutual obligations, ensuring compliance with Saudi Labor Law and related regulations. This document is particularly important in the Saudi context due to strict local employment regulations and the need for clear documentation for government authorities. The agreement typically includes detailed calculations of end of service benefits, final settlements, and releases, while addressing specific requirements such as visa cancellation and GOSI (social insurance) settlements. It's commonly used during amicable separations, restructuring, or when resolving employment disputes, providing both parties with legal certainty and protection.
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1. Parties: Identification of the employer and employee, including full legal names, addresses, and relevant registration/ID numbers
2. Background: Brief history of employment relationship, reason for settlement, and reference to any existing disputes
3. Definitions: Key terms used throughout the agreement, including defined terms from Saudi Labor Law
4. Termination Date: Specification of the official end date of employment and final working day
5. Settlement Payments: Detailed breakdown of all payments including salary, end of service benefits, and any additional compensation
6. Tax and GOSI: Treatment of tax implications and social insurance obligations
7. Release and Waiver: Mutual release of claims and obligations, subject to Saudi Labor Law restrictions
8. Return of Company Property: Requirements for returning company assets, documents, and equipment
9. Continuing Obligations: Surviving obligations such as confidentiality and non-disclosure
10. Governing Law: Confirmation of Saudi Law application and jurisdiction
11. Execution: Signature blocks and execution requirements under Saudi law
1. Non-Competition: Restrictions on future employment, if applicable and enforceable under Saudi law
2. Handover: Detailed handover process for ongoing projects or responsibilities
3. Reference: Terms regarding future employment references
4. Medical Insurance: Provisions for continuation or termination of medical insurance coverage
5. Visa/Sponsorship: Terms regarding transfer or cancellation of residence visa and sponsorship
6. Legal Fees: Allocation of legal costs and advisory fees
7. Reinstatement Rights: Waiver of rights to seek re-employment
8. Announcement: Agreement on internal/external communications regarding the departure
1. Schedule 1 - Payment Calculation: Detailed breakdown of all payment components including basic salary, allowances, and end of service benefits
2. Schedule 2 - Company Property: Itemized list of company property to be returned
3. Schedule 3 - Outstanding Benefits: List of any accrued but unused benefits (vacation days, etc.)
4. Schedule 4 - Release Details: Specific claims and rights being released by both parties
5. Appendix A - Employee's Current Benefits: Summary of current employment benefits and their treatment post-termination
6. Appendix B - Handover Checklist: Detailed checklist for handover of responsibilities and documents
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Oil and Gas
Manufacturing
Technology
Retail
Healthcare
Construction
Professional Services
Education
Telecommunications
Hospitality
Transportation and Logistics
Real Estate
Mining
Media and Entertainment
Relevant Teams
Human Resources
Legal
Finance
Operations
Management
Administration
Compliance
Payroll
Risk Management
Corporate Communications
Relevant Roles
Chief Executive Officer
Managing Director
General Manager
Department Head
Senior Manager
Project Manager
Technical Specialist
Sales Executive
Financial Controller
HR Manager
Operations Manager
Account Manager
Software Engineer
Administrative Officer
Marketing Manager
Legal Counsel
Research Analyst
Production Supervisor
Customer Service Manager
Business Development Manager
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