Accord and Satisfaction
Definition of Accord and Satisfaction in International Trade
The following is a concept of Accord and Satisfaction in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): A discharge of a contract or cause of action pursuant to which the parties agree (the accord) to alter their obligations and to perform new obligations (the satisfaction). For example, a seller who cannot obtain red fabric to meet the contract specifications may enter into an accord and satisfaction to provide the buyer with blue fabric for a slightly lower price.
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