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SETTLEMENT AND FINAL RELEASE AGREEMENT

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SETTLEMENT AND FINAL RELEASE AGREEMENT

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000346
  • Version V 1.0
  • Last Updated 07-06-2023
  • Reviews 0
Document Summary

This “Settlement Agreement After Termination of Employment” is given to an employee upon termination by the employer. The document outlines the terms of the settlement, usually an employee is given money in return for certain conditions, such as not bringing a claim against their employer. It is a final sign-off before his/her employment is terminated.

Description

This is a sample form agreement for the settlement of any claims by an employee against the employer. In exchange for the payment of a designated amount, the employee agrees to waive any rights against the employer for wrongful termination or other claims the employee may have against the employer.

Release: The release includes the release of known and unknown claims.

No Disparagement: Section 8 requires the employee not to make future disparaging remarks about the employer.

References: It also requires the employer to give minimal information to prospective employers of the employee with respect to reference checks.

Review by Counsel: This form is particularly legal sensitive and should be reviewed by the company’s legal counsel.

Procedure

This “Settlement Agreement After Termination of Employment” should be signed by both the parties.

The employer can sign it through its authorized signatory and the employee can sign it in his/her individual capacity.

It should be noted that this Agreement shall be made in two counterparts one for the employer and the other for the employee.

Jurisdiction

This Agreement is intended for use in the United Arab Emirate and the laws may differ from one country to the other.

Before Execution

-The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.

- Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating or executing this Agreement. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.

- Please remove the square brackets and all highlighting prior to signature.