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 a bona fide dispute; an agreement to settle the dispute; and the performance of the agreement. An example would be settlement of a lawsuit for breach of contract. The parties might settle for less than the amount called for under the contract.
New Hampshire Agreement for Accord and Satisfaction of a Disputed Claim
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Multi-State
Control #:
US-00435BG
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Word;
Rich Text
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How to fill out Agreement For Accord And Satisfaction Of A Disputed Claim?
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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 .
Standard documents Assignment and Assumption Agreement and Optional Novation ? Maintained. Novation Agreement (Short Form) ? Settlement Agreement and Release ? Maintained. Standstill Agreement and Covenant Not to Sue (Tolling Agreement) ? Assignment and Assumption Agreement and Optional Novation ? Maintained.
And satisfaction is a legal term that refers to a contractual agreement between two parties to settle a dispute or resolve a debt. This concept is rooted in common law and is used to resolve disputes and disagreements over the terms of a contract, the amount owed, or the performance of contractual obligations.
To establish the defense or and satisfaction, there must be (1) evidence of a dispute between the parties about what is expected and (2) evidence establishing that the parties specifically and intentionally agreed to discharge the existing obligation by means of a lesser payment tendered and accepted.
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.
An and satisfaction is a substitute contract for settlement of a debt by some alternative other than full payment. The consideration for an is often the resolution of a disputed claim.
C) An and satisfaction involves an exchange of consideration. d) A release is a discharge by agreement.
