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.
Virgin Islands Agreement for Accord and Satisfaction of a Disputed Claim
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Multi-State
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US-00435BG
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Word;
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How to fill out Agreement For Accord And Satisfaction Of A Disputed Claim?
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FAQ
An and satisfaction occur when a ?claim is discharged because some performance other than that which was claimed to be due is accepted as full and satisfaction of the claim.? means agreement and satisfaction refer to the execution or performance.
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.
A common way that and satisfaction is used is to satisfy a debt that a debtor cannot afford with a smaller payment. Sometimes a creditor will agree to accept a percentage of a debt in order to have the original contract fulfilled and the dispute handled.
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.
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 .
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.
554, 561 (2001), for the rule that three elements must exist for there to be an ? and satisfaction?: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party ...
