The Bexar Texas Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment is a legal document used in Bexar County, Texas, to settle a dispute regarding an undisputed claim. This agreement provides a framework for resolving the dispute and outlines the terms and conditions for accepting a different method of payment than initially agreed upon. The main purpose of this agreement is to provide both parties involved in the dispute with a mutually acceptable solution, allowing them to avoid lengthy litigation processes and associated costs. By reaching an accord and satisfaction, both parties can move forward and avoid any further disputes or legal actions regarding the undisputed claim. The Bexar Texas Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment may have various types depending on the specific circumstances and preferences of the parties involved. These different types may include: 1. Lump Sum Payment Agreement: This type of agreement outlines the terms for making a one-time payment to settle the outstanding claim. It specifies the amount to be paid, the due date, and any additional conditions such as interest or penalties for late payment. 2. Installment Payment Agreement: In cases where the disputing parties agree to a payment plan, an installment payment agreement can be established. This type of agreement sets forth the schedule, amount, and frequency of the payments to fulfill the claim. It may also include provisions for late or missed payments. 3. Third-party Payment Agreement: Sometimes, the parties may choose to involve a third party, such as an insurance company or mediator, to facilitate the payment process. This agreement would outline the role and responsibilities of the third party in ensuring the satisfaction of the claim. 4. Property or Asset Transfer Agreement: In certain cases, the parties might agree to settle the claim through the transfer of property or assets instead of monetary payment. This agreement would detail the specific assets being transferred, their valuation, and any necessary legal procedures for the transfer to occur. It is important to note that the Bexar Texas Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment should be drafted by an attorney or legal professional familiar with the laws in Bexar County, Texas, to ensure its enforceability and compliance with local regulations.
Bexar Texas Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment
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How to fill out Bexar Texas Agreement For Accord And Satisfaction Of An Undisputed Claim--Different Method Of Payment?
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FAQ
Under Texas common law, the affirmative defense of accord and satisfaction is based on an express or. implied contract under which the parties agree to discharge an existing obligation by means of a lesser. payment that is tendered and accepted.
Usually, accord and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement.
Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.
554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party
The accord is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms according to the agreement. When there is an accord and satisfaction, and the performance (or satisfaction) has been executed, all prior claims relating to the matter are extinguished.
Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
An accord and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. Accord and satisfaction is also used to settle legal claims prior to bringing them to court.