Following months of obfuscation, Mr Trump told NBC moderator, Savannah Guthrie, he is prepared to hand over the keys of the White House if he fails to secure enough electoral college votes to win reelection.
He said: "They talk about, ‘Will you accept a peaceful transfer?’ And the answer is yes, I will – but I want it to be an honest election, and so does everybody else".
The president's position appears to have shifted somewhat after the chairman of the joint chiefs of staff, general Mike Milley, last week categorically ruled out any military involvement in this year's election - whether that be at polling stations or in dealing with any potential fall out from the result.
A raft of senior security figures and retired generals have also in recent weeks criticised the president for attempting to sow doubt in America's democratic process.
With millions of Americans casting their ballots by post this year due to the ongoing coronavirus pandemic, Mr Trump, 74, has repeatedly claimed - without evidence - that mail ballots could fall foul to voter fraud.
And while he committed to a peaceful transfer of power, the president again trotted out debunked claims about voter fraud, which he used as a potential rationale for rejecting the results of November's poll.
Mr Trump and Mr Biden night took part in 'duelling town hall' events after the president refused to take part in the second official presidential debate because organisers moved it online after he contracted coronavirus.
America's political divide was laid bare live on-air via a split-screen display, with the two candidates setting out their competing visions for the country. Joe Biden appeared on NBC's rival station, ABC and was interviewed by George Stephanopoulos.
Mr Trump was given a thorough grilling by Ms Guthrie in Miami, Florida. She took the president to task on his handling of the coronavirus pandemic, his own health and tax returns.
Ms Guthrie also pressed the president on his repeated reluctance to distance himself from conspiracy theorists and white supremacists.
When asked about the far-right conspiracy QAnon, Mr Trump said "I don't know" - despite having rewteeted a number of posts associated with the group, whose adherents believe the president is waging a secret war against elite Satan-worshipping paedophiles in government, business and the media.
Pressed on the issue, Mr Trump said he knew nothing about QAnon other than that they fight against paedophillia. The president did, however, denounce white supremacy, although he did not directly reference Proud Boys, a far right group that has been accused of inciting racial violence in cities across the US in recent months.
Some 1,200 miles away in Philadelphia, Mr Biden was given a much easier ride as he denounced the White House's handling of the virus, which has claimed some 218,000 US lives.
On the day hearings ended for the nomination of judge Amy Coney Barrett to replace Ruth Bader Ginsburg on the Supreme Court, Mr Biden was at times vague when quizzed on whether he would pack the court next year should he win the election. “They [voters] do have a right to know where I stand,” he said. “And they’ll have a right to know where I stand before they vote.”
He also blasted Trump's foreign policy, declaring that "'America first' has made 'America alone'" and "This president embraces all the thugs in the world." He turned introspective when asked what it would say if he lost.
"It could say that I'm a lousy candidate, that I didn't do a good job," Mr Biden said. "But I think, I hope that it doesn't say that we're as racially, ethnically and religiously at odds as it appears the president wants us to be."
The former vice president said he plans to participate in next week's debate but he would ask Trump to take a COVID-19 test before arriving. "It's just decency" for everyone around him, including non-candidates like camera operators, he said.