This Agreement for Compromise is an attorney drafted agreement specifically tailored to be between an employer and an employee. The agreement provides that an employee will receive a certain amount of compensation from the employer in exchange for the employee's agreement to waive any further claims against the employer for any breach of a statutory or contractual obligation by the employer. This agreement further provides that the employee's employment at the company will terminate on a specified date. This document is fully customizable to fit the needs of an employer in any circumstance where a compromise is necessary.
This Agreement for Compromise is an attorney drafted agreement specifically tailored to be between an employer and an employee. The agreement provides that an employee will receive a certain amount of compensation from the employer in exchange for the employee's agreement to waive any further claims against the employer for any breach of a statutory or contractual obligation by the employer. This agreement further provides that the employee's employment at the company will terminate on a specified date. This document is fully customizable to fit the needs of an employer in any circumstance where a compromise is necessary. AGREEMENT FOR COMPROMISE CONTRACT THIS COMPROMISE AGREEMENT (the “Agreement”) entered into this ____ day of _________, 20_____, by and between ____________ (the “Company”) and _______________ (the “Employee”). WHEREAS, the Employee is/was employed by the Company as a/an __________________ [GIVE JOB TITLE OR DESCRIPTION] under the terms of an Employment Contract between the Company and the Employee (the “Contract”) dated the ____ day of _______, 20____; AND WHEREAS, pursuant to the terms and conditions of the Contract, the Employee’s employment with the Company will terminate on the ___ day of ________, _____ (the “Termination Date”); AND WHEREAS, the Company and the Employee desire to enter into this Agreement to provide for the settlement of any claims that the Employee may have or will have against the Company arising out of the Employee’s employment with the Company and the termination of the Employee’s employment with the Company. NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the Company and the Employee hereby agree as follows: 1.00 TERMINATION 1.01 The Company and the Employee hereby agree that the Employee’s employment with the Company shall terminate effective the Termination Date. 2.00 SALARY 2.01 The Company hereby agrees that it shall pay to the Employee, within ____ ( ) days of the execution of this Agreement, any and all outstanding salary owing to the Employee, including any vacation pay accrued to the date of this Agreement, except for any all applicable statutory deductions. 2.02 The Company hereby agrees that it shall maintain all life insurance policies and health care coverage, including dental coverage for the Employee, if applicable, up to and including the Termination Date. 2.03 Subject to the Employee fulfilling his or her obligations as contained herein, the Company hereby agrees that it shall pay to the Employee severance pay as compensation for the Employee’s loss of employment with the Company, without the Company’s admission of any liability. The Company shall pay such severance pay to the Employee within _____ (___) days of the execution of this Agreement. Such severance pay shall be reduced by any and all applicable statutory deductions. © Copyright 2013 Docstoc Inc. 2 3.00 COMPANY VEHICLES 3.01 The Employee hereby agrees that he/she shall return any and all company vehicles to the Company on or before the Termination Date. The Employee agrees to return such vehicles to the Company in good condition, together with all keys for such vehicles. 4.00 RESIGNATION AS AN OFFICER OR DIRECTOR 4.01 Upon the execution of this Agreement, the Employee hereby agrees that he/she shall resign from any office the Employee holds with the Company as an officer or director. The Employee further agrees that he/she shall also resign from any office the Employee holds with any of the Company’s affiliate companies and shall deliver to the Company or any affiliate companies, the Employee’s resignation as an officer or director in the form annexed hereto as Schedule “A.” 4.02 The Employee hereby agrees that he/she shall do all such acts and things as the Company may require to effect the Employee’s resignation from all offices the Employee may hold, immediately upon written request from the Company or any of the Company’s affiliates. 5.00 CONFIDENTIALITY 5.1 The Company and the Employee hereby agree that at no time or times shall the Company or Employee directly or indirectly, make, publish or otherwise communicate any disparaging or derogatory statements, whether in writing or otherwise, concerning the other, including in the case of the Employee concerning the Company or any of the Company’s affiliates. [NOTE: MANY OR MOST STATES MAY FIND THIS PROVISION INVALID, UNDER STATE AND/OR FEDERAL FREE-SPEECH PROTECTIONS. EMPLOYERS SHOULD CAREFULLY CONSIDER WHETHER IT IS WORTH THE RISK (OF ALIENATING OR ANTAGONIZING A CURRENT WORKER) OF INCLUDING THIS CLAUSE, VERSUS THE POSSIBLE BENEFIT OF HAVING A COURT POSSIBLY ENFORCE THE CLAUSE.] 5.2 The Employee hereby agrees that he/she shall keep all terms of the Contract and this Agreement confidential and shall not disclose any information relating to the Contract, this Agreement or the Company to any third party, save and except for any information which the Employee may be required to disclose by the laws of the applicable jurisdiction. 5.03 The Employee acknowledges and agrees that the terms and conditions of this Agreement shall remain in full force and effect after the Termination Date. 6.00 PROPERTY 6.01 The Employee hereby represents and warrants to the Company that the Employee has or will return to the Company, any and all property of the Company that the Employee may have in his/her possession on the Termination Date, including but not limited to, equipment, © Copyright 2013 Docstoc Inc. 3 correspondence, documents, files or computer software and hereby further agrees that the Employee shall not make any copies of such Company property. 7.00 ATTORNEY FEES 7.01 The Company and the Employee hereby agree that each party shall be responsible for his or her or its own legal fees and/or costs associated with the negotiation of this Agreement. 8.00 CLAIMS 8.01 The Company and the Employee hereby acknowledge and agree that the terms and conditions of this Agreement represent the full and final settlement of all claims, whether contractual, statutory or otherwise, between the parties, and between the Employee and any of the Company’s officers, directors, shareholders, employees, agents or affiliates. 9.00 INDEPENDENT LEGAL ADVICE 9.01 The Employee hereby acknowledges to the Company that he/she has obtained independent legal advice from a qualified attorney, licensed to practice in the applicable jurisdiction, and that the Employee fully understands the terms, conditions and effect of this Agreement. 9.02 The Employee hereby acknowledges that he/she has obtained a certificate of independent legal advice from such licensed attorney and is annexed hereto as Schedule “A.” 9.03 The Employee, by separately initialing and signing, directly below, waives his or her right to obtain independent legal advice: [a] I ____________________ [EMPLOYEE'S NAME], have been advised of my right to obtain legal advice from a licensed attorney, or from any other qualified person of my choosing. _________ [EMPLOYEE'S INITIALS] [b] I have been advised that I may have a reasonable time period to obtain such legal advice. _______ [EMPLOYEE'S INITIALS] [c] Employer has encouraged me to obtain such legal advice. ______ [EMPLOYEE'S INITIALS] [d] Notwithstanding all of the above, as listed in sub-sections a-c, I choose to voluntarily waive my right to receive my own legal counsel, and to proceed with this Agreement. _________________________________ ___________ [EMPLOYEE'S SIGNATURE AND DATE] [NOTE TO EMPLOYER: DELETE 9.03 IN ALL CASES WHEN THE EMPLOYEE INDICATES A WISH TO OBTAIN HIS OR HER OWN LEGAL ADVICE.] © Copyright 2013 Docstoc Inc. 4 10.00 GENERAL PROVISIONS 10.01 NOTICE: Any notice or other communication under or for the purposes of this Agreement shall be given or made in writing, marked Private and Confidential, and shall be served personally or by courier or mailed by prepaid registered mail: (a) in the case of communications sent to the Company, to: Fax: (___) [NOTE TO EMPLOYER: DO NOT GIVE THE COMPANY'S FAX NUMBER, UNLESS YOU ARE WILLING TO HAVE POTENTIALLY PRIVATE INFORMATION SENT IN THIS WAY. IN THE CASES OF SENSITIVE MATERIALS (e.g., AN EMPLOYEE'S MEDICAL OR PSYCHOLOGICAL RECORDS), EMPLOYER MAY WANT TO AVOID POTENTIAL VIOLATIONS OF THE EMPLOYEE'S PRIVACY RIGHTS BY DELETING ITS FAX NUMBER HERE, AND THEREBY ONLY PERMITTING COMMUNICATIONS TO BE IN PERSON OR THOUGH THE MAIL.] (b) in the case of the Employee, to the last known address of the Employee as recorded in the records of the Company, or to such other address as any of the parties shall have last notified in the manner provided herein. The date of receipt of any such notice or other communication shall be deemed to be the date of delivery of such notice or other communication if served personally or by courier (provided, however, that no notice or other communication shall be delivered by courier to a residential address), or if mailed as aforesaid, the fourth day of business following the date of mailing, provided that no day on which there is an interruption of postal service which would affect such mailing shall be a day for determining whether effective notice has been given. The Employee agrees that it is his or her responsibility to provide a valid address to Employer at all times. This address will be used for all communications unless and until the Employee provides an updated address to Employer. 10.02 COUNTERPARTS: This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one Agreement deemed to be dated as of the date hereof. 10.03 Assignment: Subject to the provisions hereof, this Agreement may not be assigned, in whole or in part, without the prior approval of all parties hereto. Subject thereto, this Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, heirs, executors, administrators, other personal and legal representatives (including trustees and receivers in bankruptcy) and permitted assigns. © Copyright 2013 Docstoc Inc. 5 10.04 The parties shall, in good faith, and by acting in a reasonable fashion, sign such further documents, cause such meetings to be held, resolutions passed and by-laws enacted, exercise their vote and influence, do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full force and effect to this Agreement and every part hereof. 10.05 Time shall be of the essence of this Agreement and of every part hereof and no extension or variation of this Agreement shall operate as a waiver of this provision. 10.06 The Employee acknowledges receiving and reading a copy of this Agreement prior to its execution and acknowledges that he/she has had an opportunity to seek independent legal advice prior to its execution. The Employee acknowledges that he/she understands fully the nature and effect of this Agreement and that he/she has executed this Agreement of his/her own free will and volition and under no compulsion to act. 11.00 GOVERNING LAW AND CONSENT TO JURISDICTION 11.01 This Agreement will be interpreted and enforced under the laws of the State of ________ [GIVE STATE], without regard to conflict of laws. Both parties voluntarily consent to the jurisdiction of the courts in the State of _______ [GIVE STATE] to interpret, enforce, and resolve any disputes arising from or related to this Agreement. 12.00 SEVERABILITY 12.01 To the extent that any provision hereof is deemed unenforceable, all remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. 13.00 ENTIRE AGREEMENT 13.01 This Agreement contains the entire agreement of the parties, superseding any prior written or oral agreements between them on the same subject matter. Any change, modification, or waiver must be in writing and signed by both parties. IN WITNESS WHEREOF the Parties have duly executed this Agreement under their hands and seals as of the day and year first written above. COMPANY Per: Name: Title: _________________________ I have authority to bind the Company. © Copyright 2013 Docstoc Inc. 6 SIGNED, SEALED AND DELIVERED ) in the presence of: ) ) ) _________________________________ ) Witness ) Employee © Copyright 2013 Docstoc Inc. 7 SCHEDULE “A” LETTER OF RESIGNATION © Copyright 2013 Docstoc Inc. 8 SCHEDULE “B” CERTIFICATE OF INDEPENDENT LEGAL ADVICE © Copyright 2013 Docstoc Inc. 9
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