Connecticut Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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How to fill out Connecticut Checklist Of Matters To Be Considered In Drafting An Accord And Satisfaction Agreement?
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FAQ
And satisfaction refers to the agreement () between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the .
And satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
The key difference between an and satisfaction and a release is that an and satisfaction involves a new agreement between the parties to resolve a dispute, while a release involves the release of liability for a specific claim or set of claims.
For instance, say Bob owes Sally $600 under contract. Bob offers to give Sally an old car of his in place of the $600. If Sally accepts the vehicle as a settlement for the money that was originally owed, she forgoes her right to the cash and now has a right to the vehicle Bob promised.
An and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms ing to the agreement.
An and satisfaction differs from a modification in that a modification immediately discharges a pre-existing duty, whereas an and satisfaction does not discharge a pre-existing duty until the agreed upon, alternate performance occurs.
The ?? occurs because the parties modify their original contract to allow for partial payment. The ?satisfaction? occurs because by accepting partial payment, the business gives up any claim for additional payment.
Under most state law, a valid and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.
