A severance package is a deal, and the deal is very simple: you, as the former employee, receive compensation and your former employer receives various protections. Usually, your employers will seek a general release of claims, confidentiality, or sometimes, an agreement that you won’t speak poorly of the company once you have been terminated. Put plainly, you have things your employer wants to buy when you are terminated and now you need to negotiate what you are willing to sell and and at what price.
Upon leaving employment at your company, you may be asked to review and sign a severance package that contains complicated, detailed legal language about future compensation and rights to take legal action against your employer. This agreement will usually state that you have been informed that you should seek the advice of an attorney before signing the agreement. It is recommended that you follow this advice and contact an attorney.