Set-offmeans set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised...
Definition of setoff in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is setoff? Meaning of setoff as a legal term. What does setoff mean in law?
Definition of set-off in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is set-off? Meaning of set-off as a legal term. What does set-off mean in law?
Define set off. set off synonyms, set off pronunciation, set off translation, English dictionary definition of set off. v. set , set·ting , sets v. tr. 1. To put in a specified position or arrangement; place: set a book on a table; set the photo next to
Define RIGHTS OF SETOFF. In the event that either Party shall default in any payment or other performance under this or any other Contract existing by and between the parties hereto, or if any suit, claim, demand, action or cause of action shall be inst
The meaning of SETOFF is something that is set off against another thing. How to use setoff in a sentence.
Setoff 1. The ability of a debtor to reduce the amount of one's debt by an amount the creditor owes to the debtor. Thus, if a debtor owes a creditor $20,000 but the creditor owes the debtor $5,000 in an unrelated matter, setoff allows the debtor effectively to owe only $15,000...
In these proceedings, set-off is frequently the tool relied upon to resist a claim. At the same time, the legal intricacies make it hard to use. The first part of the book provides a survey of set-off, including its definition, significance and functions. The second part offers a ...
Definition of Sets A set must be well defined; i.e., for any given object, it must be unambiguous whether or not the object is an element of the set. For example, if a set contains all the chairs in a designated room, then any chair can be determined either to be in or not in...
Implied contract terms are by definition not explicitly agreed to by the contracting parties when they enter into a contract. So how do they get incorporated into a contract? Contract terms can be implied in a number of ways. Customary business practice, common law precedent, and statutory law...