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.
Albuquerque New Mexico Agreement for Accord and Satisfaction of a Disputed Claim
State:
Multi-State
City:
Albuquerque
Control #:
US-00435BG
Format:
Word;
Rich Text
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