| Author |
|
goldengold
Newbie
Joined: 20 Dec 2009
Online Status: Offline
Posts: 18
|
| Posted: 26 Dec 2009 at 21:19 | IP Logged
|
|
|
I have problem understanding the difference between accord and substituted agreement. Are they the same or not?
__________________
AUD 82
FAR 84
REG 85
BEC 80
|
| Back to Top |
|
| |
cpa0123
Major Contributor
Joined: 20 Nov 2009
Location: United States
Online Status: Offline
Posts: 761
|
| Posted: 13 Jan 2010 at 13:21 | IP Logged
|
|
|
Accord means there is a new agreement with same parties (old parties) itself. The parties continue to be liable under the old contract till it is performed or satisfied.
Substitution also means a new agreement with old parties. However, old parties are discharged immediately.
Technically, difference between the two is the timing of discharge of liability of the old parties.
__________________
FAR-11/21/09 [97]
REG-02/06/10 [95]
BEC-04/03/10 [85]
AUD-07/07/10 [93]
Colorado board
I am done!
|
| Back to Top |
|
| |
shilpjain
Regular
Joined: 21 Jun 2007
Location: United States
Online Status: Offline
Posts: 174
|
| Posted: 13 Jan 2010 at 16:02 | IP Logged
|
|
|
thanks CPA 0123 .this information was helpful
__________________
BEC -86
AUD -95
FAR -90
REG -81
Can't believe I am DONE!
|
| Back to Top |
|
| |
Active Topics 
Memberlist 
Search 
Help
Register 
Login
Topic: accord VS substituted agreement
Topic Closed)
