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.
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 if the amount is in dispute. An accord and satisfaction is also a method of settling a cause of action arising either from a civil wrong (tort), by substituting for the cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.
The South Dakota Agreement for Accord and Satisfaction of a Disputed Claim, specifically for cases involving negligence resulting in personal and property damages, is a legally binding document that aims to resolve the dispute between the parties involved. This agreement is designed to provide a fair and amicable resolution between the injured party (the claimant) and the party alleged to be at fault (the respondent), without the need for litigation. Keywords: South Dakota, Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence. Different types of South Dakota Agreement for Accord and Satisfaction of a Disputed Claim for Negligence may include: 1. Personal Injury Agreement for Accord and Satisfaction: This type of agreement specifically addresses personal injuries resulting from negligence. It outlines the terms of compensation and releases the respondent from any further liability once the agreed-upon settlement amount has been paid. 2. Property Damage Agreement for Accord and Satisfaction: This type of agreement focuses on damages to property caused by negligence. It details the nature and extent of the property damage, assigns responsibility, and outlines the agreed-upon resolution, including financial compensation or repairs/replacements. 3. Comprehensive Agreement for Accord and Satisfaction: This type of agreement covers both personal and property damages resulting from negligence. It addresses all aspects of the claim, including injuries sustained by the claimant and any damage caused to their property. It ensures a comprehensive resolution of the dispute and releases the respondent from further liability regarding the claim. In each of these agreements, the terms, conditions, and settlement amounts are subject to negotiation and mutual agreement between the parties involved. It is crucial for both parties to carefully review and understand all the provisions and seek legal counsel if needed before signing the Agreement for Accord and Satisfaction.
