I am employee with a binding contract. I have 400hrs of accrued vacation time and the company is about to file chapter 11. Should I resign before the company files in oreer to claim the pay or is this a hopeless situation.
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Chapter 11 and accrued vacation pay
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03-18-2009, 02:35 PM #1Registered User
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Chapter 11 and accrued vacation pay
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03-18-2009, 03:06 PM #2Super Moderator Honorable Scholar
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1.) What does your contract say about:
a. Resignation before the end of the contract term
b. Payout of vacation on termination (voluntary or involuntary)
2.) What state are you in?
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03-18-2009, 03:41 PM #3Registered User
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The only language regarding that would be that either party may terminate the agreement for "any reason or no reason whatsoever, upon at least 5 days prior witten notice to the other"
In the event I am termintated without cause it state that I would be entiltled to my severance, expense reimbursment, and pro rated bonus or incentive benefits, if any and vacation benefits actualy accrued to date of termination
State of New YorkLast edited by jscott65; 03-18-2009 at 03:41 PM. Reason: add state
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03-18-2009, 04:46 PM #4Super Moderator Honorable Scholar
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I hesitate to tell people to resign, particularly in a bad economy. Show the contract to a NY attorney who can read the entire thing and see what he says.
