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The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [ 1 ] On the closing day, ownership of the property is transferred from the seller to the buyer.
The time difference between claims occurrence and claims closing (final settlement) can take days (e.g. in property insurance) but it can also take years (typically in liability insurance). Claims reserving now means that the insurance company puts sufficient provisions from the premium payments aside, so that it is able to settle all the ...
Haines House Haulage Co Ltd v Gamble [1989] 3 NZLR 221 is an often cited case in New Zealand, where a creditor banked a cheque tendered as "full and final settlement" of an account and was later unsuccessful at claiming the balance from the debtor. Its legal significance is that where a creditor banks a debtors cheque for a lesser amount and ...
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.
Eli Lilly and Co and a former employee agreed to settle a lawsuit in which the worker claimed she was terminated after pointing out poor manufacturing practices and data falsification involving ...
Debt settlement allows the debtor to spread payments out over a set term, instead of having to pay a lump sum in one go which is the case with full and final settlement. UK debt settlement is not to be confused with full and final settlement, where debt management companies have been known to hold on to client funds ; in which case the ...
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