Albany Employment Contract Lawyer

Severance agreements, or employee separation agreements, outline the terms and conditions surrounding the termination of a person’s employment. Some companies will provide terminated workers with severance packages, which can include compensation and/or a continuation of benefits.

New York is an at-will employment state, meaning that workers can be terminated with or without cause, and are not required to provide them with severance. However, many will use severance to protect themselves from legal action and promote cooperation throughout the process. 

Higher-level executives and C-level employees (CEOs, COOs, and CFOs) will be approached with a severance agreement or will negotiate with their employer for one. They can be very beneficial for both parties, protecting one from liability and providing the other with compensation.

Another employment agreement is the non-solicitation or non-compete agreement. Non-compete agreements are designed to restrict employees from working for competitors or starting a competing business for a fixed period following their departure. 

These agreements also prevent terminated or departing employees from soliciting clients, customers, or employees from their former employer. Companies will often ask executives and highly skilled employees to sign non-compete agreements, which can limit their post-employment opportunities. 

Confidentiality agreements serve to protect a business from having proprietary information and data leaked to the public or shared. Most employers will use these to prevent workers from sharing confidential information about the business. 

This can allow businesses to hold a competitive advantage over competing companies while also maintaining the integrity of their employees. 

Nondisclosure Agreements (NDAs) are a type of confidentiality agreement that requires employees to maintain confidentiality regarding confidential company information, trade secrets, company policies, and intellectual property. 

Confidentiality agreements are often used when employers and employees agree to keep the information they share with one another confidential. NDAs, on the other hand, are typically used when one party, often the employer, wants to prevent the other party, often the employee, from sharing confidential information about the company.

Fixed-term employment contracts or temporary employment contracts provide a defined period of employment for certain employees. These define exactly how long an employee will be working with their employer, typically for a predetermined period of time or until the completion of a specific project or assignment. 

Employers will use these to ensure that an employee understands that their position is temporary. While this is often used for lower-level contracted positions, it can also be used for outsourcing work from an industry executive or other skilled professional in the field.

Change of control agreements are employment agreements that outline exactly how an employee and their position will be affected in the event of a change in ownership or control of the company. These agreements typically detail how executive compensation, benefits, and job security will be affected in scenarios such as mergers, acquisitions, or corporate restructuring.

Change of control agreements aim to provide executives with assurances and protections during periods of organizational transition. They may even provide employees with flexibility regarding certain employment conditions that they were beholden to prior to the change of control.

These insurance plans typically indemnify executives from personal liability arising from their roles within the company, such as legal expenses incurred in lawsuits or regulatory investigations. 

This kind of employment agreement can provide higher-level employees with peace of mind, knowing that they will be financially supported in the event of certain legal actions. However, it’s important to have an indemnity protection plan that provides comprehensive protection against liability.