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Agreement to Settle Claim when Amount of Claim Undetermined
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					         Agreement to Settle Claim when Amount of Claim Undetermined

        Agreement made the (date), between (Name of Creditor), of (street address, city,
state, zip code), hereinafter referred to as Creditor, and (Name of Debtor) of (street
address, city, state, zip code), hereinafter referred to as Debtor.

       Whereas, Creditor, over a number of years, has advanced moneys to Debtor in
various amounts and at various periods of time, commencing on (date), up to and
including (date); and

       Whereas, the total amount of said advances cannot be determined because of
the insufficiency or inadequacy of the records of both parties; and

      Whereas, the parties desire to make a complete and final settlement between
them of their accounts;

       Now, therefore, for and in consideration of the mutual covenants contained in this
Agreement, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:

1.      Amount to be Paid
        It is agreed that Debtor shall pay to Creditor $______________, and Creditor
shall accept this amount, in full and complete satisfaction of the indebtedness of Debtor
resulting from the advances mentioned above.

2.     Payment Schedule
       Debtor shall make payment to Creditor of the above-mentioned amount as
follows: (describe method of payment, including dates and places for making payments
and the amounts).

3.     Effect of Full Payment
       On full payment by Debtor to Creditor of $_____________ as provided above,
the original indebtedness of Debtor to Creditor, resulting from the advances described in
Section 1 above, shall forever be cancelled and discharged.

4.      Severability
        The invalidity of any portion of this Agreement will not and shall not be deemed to
affect the validity of any other provision. If any provision of this Agreement is held to be
invalid, the parties agree that the remaining provisions shall be deemed to be in full
force and effect as if they had been executed by both parties subsequent to the
expungement of the invalid provision.

5.      No Waiver
        The failure of either party to this Agreement to insist upon the performance of any
of the terms and conditions of this Agreement, or the waiver of any breach of any of the
terms and conditi
				
DOCUMENT INFO
Description: A contract is usually discharged by performance of the terms of the agreement. The parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged. In order for there to be an accord and satisfaction, there must be (1) a bona fide dispute; (2) an agreement to settle the dispute; and (3) the performance of the agreement.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),