An agreement by the employee and his or her company to compromise disputes concerning outstanding debts, compensation or terms of employment. Satisfaction occurs when the terms of the compromise are fully performed.

the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt

a contractual method of discharging debts or claims between the parties to such an agreement

an agreement between two parties to give and accept something in satisfaction of a right of action which one has against the other, which when performed is a bar to all actions on this account

an executed agreement whereby one of the parties undertakes to give, and the other to accept in satisfaction of a claim arising either from contract or tort, something other or different from what he is or considers himself entitled to

A settlement agreement by which a claim is satisfied and discharged.

An agreement between two persons, one of whom has a right of action against the other, that the latter should do or give, or the former accept, something in satisfaction in the right of action.

An agreed-to substitution of a different performance for the original obligation, the accord being the agreement and the satisfaction the execution or performance.

An understanding or conciliation between two or more adversarial parties, which addresses and resolves a dispute, obligation, claim or lawsuit.

A means of discharging a claim whereby the parties agree to give and accept something in settlement and perform the agreement, the agreement being the "accord" and its performance "the satisfaction."

A method of settling a claim in which the parties to the dispute agree to accept something different than was originally expected. The accord is the substituted agreement, and the satisfaction is the performance of the new agreement.

Settling an old claim by substituting a new agreement.

An agreement to settle for less than what is owed to settle a dispute between parties.

A means of discharging a contract or cause of action by which the parties agree (the accord) to alter their obligations and then perform (the satisfaction) the new obligations.

Method of discharging a claim whereby parties agree to give and accept something in settlement of claim. The new agreement is called the accord. The satisfaction is the action performed to settle the claim.

A substitution of another agreement between the parties in satisfaction of a former one, and execution of the new agreement.

The discharge of an existing contract by accepting the performance under a substitute contract. Generally, consideration under the new contract is different from and of lesser value than under the original contract, and satisfaction is the performance of that contract; the combinationn discharges the original contract. Back to the Top

The ending of a contract by an agreement whereby one party gives consideration to the other to be freed of his obligation under the contract.

This phrase refers to an agreement to accept less than is legally due in order to wrap up the matter. Upon payment, the debt is removed.

A term of contract law by which one party, having complied with its obligation under a contract, accepts some type of compensation from the other party (usually money and of a lesser value) in lieu of enforcing the contract and holding the other party to their obligation. This discharges the contract. The definition cited by lawyers is usually that found in British Russian Gazette & Trade Outlook Ltd. v. Associated Newspapers Ltd. (1933) 2 K.B. 616: "Accord and satisfaction is the purchase of a release from an obligation arising under contract or tort by means of any valuable consideration, not being the actual performance of the obligation itself. The accord is the agreement by which the obligation is discharged. The satisfaction is the consideration which makes the agreement operative."

The settlement of an obligation. An accord is an agreement by a creditor to accept less than bargained for from a debtor. The creditor's acceptance of the accord constitutes satisfaction of the debt.

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

Conduct of a debtor that indicates agreement to an amount of money owed by the debtor to a creditor.

The settlement of an obligation or dispute with something other than performance of the original agreement or full enforcement of any action or other proceeding brought to enforce the original obligation.

Accord and satisfaction is the purchase of the release from a debt obligation. The payment is typically less than what is owed and is not paid by the actual performance of the original obligation. The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.