Glossary entry

English term or phrase:

to settle the accounts

English answer:

to leave nothing outstanding

Added to glossary by ErichEko ⟹⭐
Sep 13, 2016 11:51
7 yrs ago
31 viewers *
English term

settle the accounts

English Law/Patents Law: Contract(s) Termination of Agreement
The Parties shall duly settle the accounts of this Agreement within a certain time period of the termination date.

Accounts that record transactions (accounting)?

Responses

+4
2 hrs
Selected

leave nothing outstanding between them

i.e. finalise the accounts and make payments/adjustments so as to leave nothing owing from one party to the other and vice versa
Peer comment(s):

agree Yasutomo Kanazawa
1 hr
tx
agree Veronika McLaren
2 hrs
tx
agree Daryo
3 hrs
tx
agree Tony M
14 hrs
tx
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thanks!"
+1
37 mins

Complete all payments in full

The contracts i translated usually require this. This may be the case.
Peer comment(s):

neutral Sheila Wilson : accounts can be amounts of money that are owed or are owing, i.e. not necessarily payments needed
1 hr
agree acetran
1 day 4 hrs
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