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Conundrum of accord and satisfaction when appointing arbitral tribunals

Introduction There are several ways in which parties can discharge their contractual obligations. For example, the doctrine of accord and satisfaction allows parties to discharge their contractual obligations by performing certain modified obligations or by novating or rescinding the existing contract.(1) In other words, a liability arising out of a breach of contract can be discharged by a new agreement (an accord ), wherein the parties mutually agree a new consideration, forfeiting their right of action against their previous contractual obligations.(2) The satisfaction is the discharge of the substituted obligations. Central to this is the consent and mutual agreement of all parties involved.

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