An agreement that settles a dispute, generally requiring an obligee to accept a compromise or satisfaction from the obligor with something less than what was originally demanded. Also often used synonymously with treaty.
Accord (noun): 1. An agreement or harmony between individuals, groups, or nations, typically reached through negotiation or compromise. Example: The two countries signed an accord to end the long-standing conflict. 2. A formal written agreement or contract between parties, outlining terms and conditions. Example: The company and its employees reached an accord regarding working hours and benefits. 3. A state of agreement or conformity; consistency. Example: The findings of the two studies were in accord with each other. 4. A musical chord, consisting of three or more notes played simultaneously, creating a harmonious sound. Example: The pianist played a beautiful accord on the grand piano. 5. (obsolete) Willful or voluntary compliance; consent. Example: The accused acted in accord with the judge’s ruling. Accord (verb): 1. To give or grant someone power, status, or recognition. Example: The government accorded the scientist a prestigious award for his groundbreaking research. 2. To be in agreement or harmony with someone or something. Example: The team members accorded on the strategy for the upcoming project. 3. (archaic) To reconcile or settle differences; to bring into agreement. Example: The mediator helped to accord the conflicting parties and find a middle ground.
Accord refers to a legally binding agreement or settlement between two or more parties to resolve a dispute or to fulfill certain obligations. It is a contract that outlines the terms and conditions agreed upon by the parties involved. An accord typically involves a compromise or a mutual agreement to avoid litigation or to settle a legal matter. Once the accord is reached, it becomes legally enforceable, and failure to comply with its terms may result in legal consequences. Accords can be used in various legal contexts, such as business transactions, labor disputes, or civil lawsuits, to provide a structured framework for resolving conflicts and ensuring compliance with agreed-upon terms.
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This glossary post was last updated: 29th March, 2024.
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