| Welcome Guest | Forum Search | Active Topics | Members | |
|
|
Rank: Newbie
Joined: 2/6/2018
Posts: 24
Neurons: 655
|
Hello, Please give me an explanation for the word "accrued" in the below context: Quote:A failure by either party to make payment of any monies payable pursuant to this Agreement, as and when payment is due. Except as otherwise provided herein, no termination of this Agreement for any reason shall relieve or discharge any party hereto from any duty, obligation or liability hereunder which was accrued as of the date of such termination. From my point of view, there may be either meaning as follows: 1. duty, obligation or liability which has not been performed yet. 2. duty, obilgation or liability which was brought to a lawsuit. Thank you in advance.
|
|
Rank: Advanced Member
Joined: 6/14/2009
Posts: 14,543
Neurons: 45,420
Location: Brighton, England, United Kingdom
|
What it means is that, even if the Agreement is terminated, all the things agreed to (in that Agreement) must have been observed until the actual day of the termination.
In other words, even if you have witheld a payment, or stopped doing something because you had decided to terminate the Agreement; you must abide by it until the Agreement has been legally terminated.
|
|
Rank: Newbie
Joined: 2/6/2018
Posts: 24
Neurons: 655
|
Thank you. Can you give me a synonym of it?
|
|
Rank: Advanced Member
Joined: 6/14/2009
Posts: 14,543
Neurons: 45,420
Location: Brighton, England, United Kingdom
|
Well no - actually I can't. "Accrual" is a legal term and is very precise. I have no legal training - but we have one or two posters who are in that field -so hopefully one of them can help.
I feel like a broken record on the subject of synonyms - but many learners seem to have the idea that every word in English can be replaced by another. This is actually the reverse of how English operates!
There is a precise word for everything in English...this is why it has such a huge vocabulary. If a person doesn't know that precise word they will a) either describe what they mean b) use other words to "build up" a picture of what they mean.
Synonyms are words that can, in some circumstances, have a similar meaning. The word 'synonym' means "similar to". It does *not* mean "exactly the same".
For this reason legal/scientific words have no synonyms: our whole legal and scientific system would not be able to work as it's meant to, if the words used had other, or similar, meanings.
|
|
Rank: Advanced Member
Joined: 10/28/2013
Posts: 1,198
Neurons: 10,990
Location: Calabasas, California, United States
|
ClaireNguyen wrote:Thank you. Can you give me a synonym of it? You can easily look up the synonyms online. I found: "result from, arise from, follow from, ensue from; be caused by, attend "financial benefits will accrue from restructuring."
|
|
Rank: Advanced Member
Joined: 9/19/2011
Posts: 9,725
Neurons: 51,343
|
ClaireNguyen wrote:Hello, Please give me an explanation for the word "accrued" in the below context: Quote:A failure by either party to make payment of any monies payable pursuant to this Agreement, as and when payment is due. Except as otherwise provided herein, no termination of this Agreement for any reason shall relieve or discharge any party hereto from any duty, obligation or liability hereunder which was accrued as of the date of such termination. From my point of view, there may be either meaning as follows: 1. duty, obligation or liability which has not been performed yet. 2. duty, obilgation or liability which was brought to a lawsuit. Thank you in advance. The advice Romany gave you is very good. You would have to substitute other words to same the same thing. About the closest I can come to it would be, "....no termination of this Agreement for any reason shall relieve or discharge any party hereto from any duty, obligation or liability hereunder which was in effect as of the date of such termination.
We should look to the past to learn from it, not destroy our future because of it — FounDit
|
|
Rank: Advanced Member
Joined: 9/12/2011
Posts: 30,401
Neurons: 179,177
Location: Livingston, Scotland, United Kingdom
|
Hello ClaireNguyen.
Your suggestion "1. duty, obligation or liability which has not been performed yet" is quite close - but to be PERFECTLY legal, it would have to be something like "duty, obligation or liability which has not been performed yet, and was due to be performed on or before the date of termination."
I'm not even certain that is exactly right, but it's very close.
Wyrd bið ful aræd - bull!
|
|
|
Guest |