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accord and satisfaction definition
an agreement to accept less than is legally due in order to wrap up the matter.
Once the accord and satisfaction is made and the amount paid (even though it is
less than owed) the debt is wiped out since the new agreement (accord) and payment
(the satisfaction) replaces the original obligation. It is often used by creditors
as "a bird in the hand is worth two in the bush" practicality.
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