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accord and satisfaction

 

Definitions from WordNet

Noun accord and satisfaction has 1 sense
  1. accord and satisfaction - the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt
    --1 is a kind of
    settlement

Definitions from the Web

Accord and Satisfaction

Definition:

Accord and satisfaction refers to a legal agreement between two parties to resolve a dispute or fulfill a contractual obligation by accepting a performance or payment that differs from the original terms.

Senses and Usages:

1. Legal Term:

In legal context, accord and satisfaction is a principle used to settle a dispute and release the parties from their obligations under a contract. It involves one party offering something different from what was initially agreed upon, and the other party accepting it as full payment or settlement.

Example Sentence: After months of negotiation, the parties reached an accord and satisfaction, with the defendant agreeing to pay a sum lower than originally demanded by the plaintiff.

2. Business:

Accord and satisfaction is also important in business transactions, especially when there are disagreements or payment discrepancies. It provides a mechanism for resolving conflicts and ensuring that both parties are satisfied with the resolution.

Example Sentence: The vendor and the client were able to achieve accord and satisfaction by agreeing to the revised delivery terms and a discounted price.

Related Products:

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