Accord and Satisfaction
/ˈækɔrd ænd ˌsætɪsˈfækʃən/
Definitions
- (n.) A legal contract whereby parties agree to settle a disputed claim by fulfilling agreed terms, discharging the original claim upon execution of the accord.
The parties reached an accord and satisfaction to avoid costly litigation.
Forms
- accord and satisfactions
Related terms
See also
Commentary
Draft accord and satisfaction clauses clearly to specify terms and avoid ambiguity about discharge of the original debt or claim.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.