Accord and satisfaction is a method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement. Accord is the agreement and satisfaction is its execution or performance.
A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
A settlement in which one party promises to forego an undisputed, liquidated claim in exchange for a promise to perform, or the performance of, a pre-existing duty will not be held to be enforceable by many courts, because of the absence of consideration. However, the promise to perform, or the performance of, anything slightly different from the pre-existing duty is sufficient consideration to support a promise to forego the claim. When a claim is disputed in good faith, or when an undisputed claim is unliquidated (the amount owed has not been determined), a settlement of such a claim is clearly enforceable.
Nebraska Agreement for Accord and Satisfaction of an Undisputed Hospital Claim is a legal document used to settle a hospital claim that is undisputed by both parties involved. This agreement is based on the principle of accord and satisfaction, which means that one party offers a compromise to the other party in order to resolve the claim. The Nebraska Agreement for Accord and Satisfaction of an Undisputed Hospital Claim typically contains specific keywords and elements that ensure both parties are in agreement and understand the terms of the settlement. Some relevant keywords and phrases that can be found in this agreement include: 1. Hospital Claim: This refers to the medical expenses incurred by a patient during their treatment at a hospital. It could include charges for medical services, medications, supplies, or equipment used. 2. Undisputed: This term signifies that both parties involved in the claim agree that the amount being claimed is valid and owed. 3. Accord: This is an agreement or compromise offered by one party to the other as a resolution to the dispute. 4. Satisfaction: It refers to the acceptance and fulfillment of the accord or agreement reached by both parties. The Nebraska Agreement for Accord and Satisfaction of an Undisputed Hospital Claim usually outlines the terms and conditions that must be met for the settlement to be considered final. It typically contains the following elements: 1. Parties Involved: This section specifies the names and contact details of the parties entering into the agreement, including the hospital and the patient. 2. Claim Details: The agreement includes a detailed description of the hospital claim being settled, such as the claim number, date of service, and a breakdown of the charges. 3. Settlement Amount: The agreement states the agreed-upon settlement amount that the hospital agrees to accept in full satisfaction of the claim. This amount is often negotiated based on various factors, such as insurance coverage, contractual agreements, or financial constraints. 4. Payment Terms: This section outlines the terms of payment, including the agreed-upon method (such as check, electronic transfer, or credit card), the deadline for payment, and any installment options if applicable. 5. Release of Liability: Both parties release each other from any further liability or claims related to the hospital services. This ensures that once the settlement amount is paid, neither party can bring up additional claims nor disputes regarding the specific hospital claim being settled. It is important to note that there may be variations or different types of Nebraska Agreements for Accord and Satisfaction of an Undisputed Hospital Claim based on specific circumstances or negotiation needs. However, the general purpose of such agreements remains the same — to provide a legally binding resolution to an undisputed hospital claim.
