The word tender has been defined as an offer of money or goods in payment or satisfaction of a debt or other obligation. An offer to perform is a tender. A tender involves an unconditional offer by a person making the tender to pay an amount in lawful currency that is at least equal to the amount owing in a specified debt. The purpose of tender is to close a transaction so that the person making the tender may be relieved of further liability for the debt or obligation.
New York Letter Tendering Payment in Order to Settle a Disputed Claim
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How to fill out Letter Tendering Payment In Order To Settle A Disputed Claim?
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FAQ
A tender is a demand made to someone who has (or should have) primary responsibility or liability for some casualty, either by law or by contract, to indemnify, and possibly to defend, an innocent or passive defendant from a claim or lawsuit.
When we tender the claim to the contractor, we are requesting that the insurance carrier for the contractor provide us a written decision on our tender demand, and asking them if they question or challenge the coverage.
Tendering a defense involves assigning that client's defense, and the costs associated with that defense, to another party pursuant to a contract or other agreement. The tender letter is the formal mechanism by which that happens.
B : to offer as an amount in settlement of a claim by an injured party against an insured NOTE: An insurance company might be obligated to tender the limits of a policy to an injured party when a higher amount is likely to be awarded at trial.
This is typically your client's first communication about a new claim with their insurance company and can often be the difference between an easy transition into coverage for your client, a lengthy battle with an insurance company, or, at worst, a denial of coverage.
Tendering a defense involves assigning that client's defense, and the costs associated with that defense, to another party pursuant to a contract or other agreement. The tender letter is the formal mechanism by which that happens.
They often define ?tender? as notice of the claim against the policyholder, AND being asked by the policyholder to defend it, AND being given the opportunity to take over the control of the policyholder's defense.
They often define "tender" as notice of the claim against the policyholder, AND being asked by the policyholder to defend it, AND being given the opportunity to take over the control of the policyholder's defense.