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accord and satisfaction

Accord and satisfaction is an enforceable agreement in which the parties agree to discharge a contract, claim, or obligation on terms that differ from the original terms of the contract, claim, or obligation.

In Georgia, accord and satisfaction is recognized as a method to resolve disputes and discharge contracts. This legal principle allows parties to come to a mutual agreement where one party agrees to accept a performance different from what was originally owed under the contract, thereby satisfying the debt or claim. The new agreement, known as the 'accord,' and the performance of it, the 'satisfaction,' must be executed to discharge the original obligation. For an accord and satisfaction to be valid in Georgia, there must be a bona fide dispute or uncertainty regarding the original obligation, the parties must mutually agree to the new terms, and the satisfaction must be executed accordingly. Once these conditions are met, the original contract or obligation is considered settled, and the parties are released from their original duties. This is codified under Georgia law in the Official Code of Georgia Annotated (O.C.G.A.) § 13-4-101 and following sections.

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Contracts

accord and satisfaction

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Georgia State Code

Georgia State Code

Contracts

accord and satisfaction

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