accord and satisfaction
- noun the payment by a debtor of (part of) a debt
- A legal term referring to an agreement between parties to a contract whereby one accepts payment in the compromise of a dispute, claim, or change proposal. Typically this term is used concerning a mutual release of responsibility for a claim. See also settlement.
- noun the performing by a debtor of some act or service which is accepted by the creditor in full settlement, so that the debtor is no longer liable under the contract