Employment Settlement / Severance Agreement

EMPLOYMENT SETTLEMENT / SEVERANCE AGREEMENT

This Agreement is made on [Date] between [Employer Name], having its office at [Address] ("Employer"), and [Employee Name], residing at [Address] ("Employee").

1. Separation. The parties agree that the Employee's employment shall cease with effect from [Effective Date] by mutual consent.
2. Severance Pay. The Employer shall pay a severance amount of Rs. [Amount], inclusive of dues, as full and final settlement, subject to applicable TDS.
3. Final Settlement. The settlement includes salary till the last working day, unused leave encashment, gratuity (if applicable) and any statutory dues.
4. Release of Claims. On receipt of the settlement, the Employee releases the Employer from all claims arising out of the employment or its cessation.
5. Return of Property. The Employee shall return all Company property, documents, data and access credentials on or before the last working day.
6. Confidentiality. The Employee shall keep Company information confidential and shall not make disparaging statements about the Employer.
7. Non-Solicitation. For [Number] months, the Employee shall not solicit the Employer's clients or employees.
8. Reference. The Employer shall provide a relieving letter and, on request, a service certificate.
9. No Admission. This Agreement is a settlement and shall not be construed as an admission of liability by either party.
10. Governing Law & Jurisdiction. This Agreement is governed by Indian law and subject to the jurisdiction of the courts at [City].
11. Dispute Resolution. Disputes shall be referred to arbitration seated at [City].

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written above.