set-off
- The process of deducting a owed claim from a debt, resulting in the decrease or elimination of that debt
- A legal opportunity to lessen or eliminate a debt or claim by presenting a separate claim that counteracts the original party's claim
- A claim put forth by a person being sued against the suing party to reduce or eliminate a debt based on a different debt that the suing party owes to the person being sued
- The company used a set-off to deal with the large debt it owed to its supplier.
- To counter the hefty compensation claim, the business decided to exercise its right to set-off.
- Facing a lawsuit for unpaid bills, the tenant offered a set-off based on damages not repaired by the landlord.
Provide Feedback
