Louisiana Agreement for Accord and Satisfaction of Obligation under Stock Purchase Agreement
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FAQ
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.
Full and final settlement means that you ask your creditors to let you pay a lump sum instead of the full balance you owe on the debt. In return for having a lump-sum payment, the creditor agrees to write off the rest of the debt.
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.
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.
What is an ? and Satisfaction?? An and satisfaction is essentially a settlement of a disputed claim. By including language, such as ?paid in full? or ?final payment? on a check or in an accompanying letter, the general contractor is making an offer to settle a dispute for a specific amount of money.
An and satisfaction occurs when the parties involved in a dispute reach a new agreement to resolve the dispute. This agreement may involve a compromise, such as a payment of less than the full amount owed or a release of certain claims.
Usually, and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement.
Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.