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What is a release of claims?

Short answer

The part of a severance agreement where you give up the right to sue your employer over your job or its ending, in exchange for the severance.

Rules differ by state. This is general information, not legal or professional advice.

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Official sources

U.S. Department of Labor: severance paydol.gov
U.S. Department of Labor: WARN Actdol.gov
EEOC: age discrimination and releaseseeoc.gov