Severance

Severance, in a general knowledge context, refers to the process of ending an employment relationship between an employer and an employee. It typically involves the termination of the employee's position, often accompanied by a severance package, which may include financial compensation, benefits, and support for finding new employment. Severance agreements help clarify the terms of the separation, including any confidentiality agreements or non-compete clauses. This process aims to provide a smooth transition for both parties while protecting their rights and interests during the termination of employment.