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What does the phrase "in satisfaction of" mean? Hello! I met this phrase "in satisfaction of" frequently when I was reading some rules of CME and I am wondering what it means. Here is a sentence containing such a phrase : Wheat for shipment from regular facilities in the Northwest Ohio territory may be delivered in satisfaction of Wheat futures contracts at a discount of 10 cents per bushel, subject to the differentials for class and grade outlined above. I've searched the Internet and looked it up in a dictionary, but failed to find a clue. Someone told me that it means to compensate for something, is that right? Would you please help? Thanks!
Nov 14, 2016 11:36 AM
Answers · 8
Hello Yanagi, I believe that the phrase is used here as a conditional term. Meaning that the statement relies on one criteria being met/completed/satisfied. We can go to the cinema on the weekend on satisfaction of your exam results on Friday. Does that make sense? Wade.
November 14, 2016
This phrase "in satisfaction of" is common in legal contracts, and can also mean "instead of" or "as a substitution." For example, "I promise pay you $10 for your service of fixing my door. But if I am unable to pay the $10, I can give you a cow in satisfaction of the promise to pay $10." So either "to fulfill a promise" or "as a substitution to fulfill a promise."
November 14, 2016
Hello Yanagi, This is formal language and is part of a collocation - to satisfy (pay) a debt or contract. So in this instance the contract can be satisfied (paid) in Wheat from the North West Ohio territory facilities. Hope this helps Bob
November 14, 2016
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Chinese (Mandarin), English
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