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 Maryland Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence is a legal document that outlines the terms and conditions for settling a disputed claim related to personal and property damages caused by negligence in the state of Maryland. This agreement is designed to provide a formal resolution to the dispute outside the courtroom, reducing the time and costs associated with litigation. Keywords: Maryland, Agreement, Accord and Satisfaction, Disputed Claim, Personal and Property Damages, Negligence. There are two types of Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Negligence, namely: 1. Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Personal Damages: This agreement is used when the disputed claim pertains specifically to personal damages caused by negligence. Personal damages can include physical injuries, emotional distress, pain and suffering, loss of enjoyment of life, and other non-economic losses suffered by the claimant. 2. Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Property Damages: This agreement applies when the disputed claim relates to property damages resulting from negligence. Property damages can include any harm caused to real estate, personal belongings, vehicles, or other assets owned by the claimant. Both types of agreements follow a similar structure and contain several essential elements, including: a. Identification of the Parties: The agreement must clearly identify the parties involved in the dispute, namely the claimant and the defendant, including their legal names and contact information. b. Description of the Claim: It is important to provide a detailed description of the disputed claim, including the nature of the negligence that led to the damages, the specific personal or property damages suffered by the claimant, and any supporting evidence or documentation. c. Terms of Settlement: The agreement should outline the terms of the settlement, including the amount of compensation to be paid by the defendant to the claimant, the method and timeline for payment, and any additional conditions agreed upon by both parties. d. Release and Discharge: To finalize the settlement, the agreement typically includes a release and discharge provision. This provision states that upon receipt of the agreed compensation, the claimant releases the defendant from any further liability or claims related to the disputed negligence and damages. e. Governing Law: Since this agreement pertains to legal matters in the state of Maryland, it should specify that it is governed by Maryland state laws and any necessary jurisdictional clauses. Remember, it is crucial to consult with an attorney in Maryland to ensure that the agreement conforms to all applicable laws and accurately reflects the intentions of both parties involved in the dispute.
The Maryland Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence is a legal document that outlines the terms and conditions for settling a disputed claim related to personal and property damages caused by negligence in the state of Maryland. This agreement is designed to provide a formal resolution to the dispute outside the courtroom, reducing the time and costs associated with litigation. Keywords: Maryland, Agreement, Accord and Satisfaction, Disputed Claim, Personal and Property Damages, Negligence. There are two types of Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Negligence, namely: 1. Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Personal Damages: This agreement is used when the disputed claim pertains specifically to personal damages caused by negligence. Personal damages can include physical injuries, emotional distress, pain and suffering, loss of enjoyment of life, and other non-economic losses suffered by the claimant. 2. Maryland Agreement for Accord and Satisfaction of a Disputed Claim for Property Damages: This agreement applies when the disputed claim relates to property damages resulting from negligence. Property damages can include any harm caused to real estate, personal belongings, vehicles, or other assets owned by the claimant. Both types of agreements follow a similar structure and contain several essential elements, including: a. Identification of the Parties: The agreement must clearly identify the parties involved in the dispute, namely the claimant and the defendant, including their legal names and contact information. b. Description of the Claim: It is important to provide a detailed description of the disputed claim, including the nature of the negligence that led to the damages, the specific personal or property damages suffered by the claimant, and any supporting evidence or documentation. c. Terms of Settlement: The agreement should outline the terms of the settlement, including the amount of compensation to be paid by the defendant to the claimant, the method and timeline for payment, and any additional conditions agreed upon by both parties. d. Release and Discharge: To finalize the settlement, the agreement typically includes a release and discharge provision. This provision states that upon receipt of the agreed compensation, the claimant releases the defendant from any further liability or claims related to the disputed negligence and damages. e. Governing Law: Since this agreement pertains to legal matters in the state of Maryland, it should specify that it is governed by Maryland state laws and any necessary jurisdictional clauses. Remember, it is crucial to consult with an attorney in Maryland to ensure that the agreement conforms to all applicable laws and accurately reflects the intentions of both parties involved in the dispute.
