No Set Off Clause Meaning
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FAQ
The term 'no set off' indicates that a party cannot reduce their payment obligations by any claims they have against the other party. This provision ensures clarity in financial transactions, preventing potential disputes about offsets. Understanding the no set off clause meaning is essential if you want to navigate contracts without confusion.
Parties employ ?no set-off? clauses so that the receiving party always receives the full contractually agreed amount without the paying party unilaterally reducing the amount due to cross-claims.
Borrower agrees that if amounts outstanding under this Agreement are due and unpaid or have been declared or have become due and payable, each Participant, to the extent permitted by applicable law, will be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement ...
Examples of Set-Off Clauses The borrower agrees to make those assets available to the lender in the case of default. If assets are held at that lender, they can be more easily accessed by the lender to cover a defaulted payment. But a set-off clause may also include rights to assets held at other institutions.
Set-off is a common law right allowing parties (each of which being both a creditor and a debtor) that have debts owing to each other to set them off. Where the right of set-off is applicable, the parties can net their payment obligations, and, as a result, will be liable to pay the remaining balance only.
A. Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. Recoupment differs in that the opposing claims must arise from the same transaction.