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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.
For example, you might owe $4,000 between charges, interest and fees on your credit card, but you ask the bank to accept $2,500 to settle the account in full. ... Decide if a lump-sum settlement ...
In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
The American Bar Association has published advice on negotiations of construction contracts: that (1) owners try to get contractors to indemnify as much as possible and for (2) contractors (a) indemnify only for their own negligence and (b) "establish a right but not a duty for the contractor to defend under an indemnification claim." [24]
Key takeaways. Debt relief can take three forms: debt settlement, consolidation and management. Working with a debt management company can result in less debt or a faster payoff — but there are ...
The debt settlement company will tell you to stop paying your creditors to give it negotiation leverage. You can expect your score to take a massive hit when working with a settlement company.
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