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Were you terminated? Review these sections of your contract

Losing your job has the potential to turn your life upside down. With so much going on around you, it's natural for your head to be spinning and for you to lose track of your priorities. If that happens, you could make a mistake that costs you time and money.

If you receive a notice of termination from your employer, immediately review these sections of your employment contract:

  • Termination terms and conditions: This is where you'll find information on what's required of your employer if they want to terminate your relationship, e.g., the amount of notice they're required to give and the manner in which they do so.
  • Severance pay: If you're eligible for severance, it can help you get by financially until you land another job. It's never too soon to review the terms of your severance agreement and consult with your human resources (HR) department about your next steps.
  • Restrictions: Your contract may state that you're not permitted to work for an employer in the same industry for a designated period of time. It may also state that you can't start a competing business.

A notice of termination can cause you to feel many conflicting emotions. Don't let these impede your forward motion. Reviewing your employment contract, asking questions and taking steps to protect your legal rights can help you shake it off and move on to the next available position.

Depending on what your contract states, you may find that you were wrongfully terminated from your position. You can then examine your options for obtaining compensation from your former employer.

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