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.
Washington 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
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.
Primary tabs. Tender is to unconditionally offer money or performance to meet an obligation. The term most commonly arises in the context of the contractual sale of goods.
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.
Tender of defense is a term used in the insurance industry to refer to the process by which an insured party requests that their insurer assume responsibility for defending against a legal claim or lawsuit.
Letter of Tender means the document entitled letter of tender or letter of tender, which was completed by the Contractor and includes the signed offer to the Procuring Entity for the Works.
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.
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.
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.