Over a quarter century after most of them arose, an agreement settling claims of the United States against Hungary was signed at Washington on March 6, 1973. Under its terms Hungary will pay a lump sum of $18,900,000 in settlement of the claims of the United States and its nationals arising out of war damage, nationalization of property, and certain financial debts. Like the Rumanian and Bulgarian lump sum agreements of 1960 and 1963, upon which it is modeled, the Hungarian Agreement constitutes a unique development in international claims practice, for it follows the “preadjudication” of most of the claims by the Foreign Claims Settlement Commission (FCSC), a U.S. national claims commission acting pursuant to Title III of the International Claims Settlement Act. Although the claims against the three former Axis satellites now have been settled internationally, other preadjudicated claims under Titles III (Soviet Union), IV (Czechoslovakia), and V (Cuba and China) of the same act still remain outstanding. The present agreement, therefore, merits analysis not only in its own right, but also for what it reveals about the technique of preadjudication and the international claims settlement process generally.