An agreement to settle a debt for less than the amount claimed. A debtor offers to pay a lesser amount than the disputed claim (which the creditor purports to have as debt). By accepting the offer, the creditor establishes an accord (agreement), and satisfaction occurs when the accord is executed. In other words, the satisfaction is the actual payment of the lesser (compromised) amount. An accord and satisfaction is typically used to support a creditor’s acceptance to drop part or all of his claims. In return, the debtor gives up his assertion of a little indebtedness or denial of debt.
Financial Law
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