2024 Set off legal definition

Set off legal definition

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Web8 Oct 2024 · A set-off clause is an optional clause in an employment contract. It allows the employer to pay their employees with higher base pay rates to accommodate for all the award entitlements that employee is entitled to receive. In other words, instead of an employer paying their employees the modern award base rate, plus any award …

What is a set-off clause? - Contract Law

Webto make something more attractive or easy to notice by being placed near it That blouse sets off the blue of her eyes. set somebody off (doing something) to make somebody start doing something such as laughing, crying or talking See set off in … WebEquitable right to set off is a debtor’s right to reduce the amount of a debt by any sum a creditor owes the debtor. A debtor through his/her equitable right to set off can counter demand against a creditor. Equitable right to set off arises out of a transaction that is independent of the creditor’s claim. The basic principle giving rise to ... certified disaster recovery engineer cdre

Set-off Definition Legal Glossary LexisNexis

Web28 Feb 2024 · Legal Set-off; Equitable Set-off Legal set-off is on the principle of money for money. Equitable set-off applies to value of goods or services. Illustration: Servant breaks a valuable vase and asks the value of the vase to be set-off (excused) based on the years of service. In legal set-off, there must be an ascertained amount of money. WebA set-off contract is a contract that involves a set-off clause, which is a legal provision that allows a lender to seize a debtor's deposits if they default on a loan. In general, set-off clauses are used in loan agreements between lenders and borrowers. They may also be used in other areas of industry where there may be a risk of payment ... WebSet-Off. A demand made by the defendant against the plaintiff that is based on some transaction or occurrence other than the one that gave the plaintiff grounds to sue. The … certified diverse-owned business

Sets me off - Idioms by The Free Dictionary

Set Off Law And Practice By William Johnston

WebSet-off is a defense which goes not to the Justice of the plaintiffs demand, but sets up a demand against the plaintiff to counterbalance his in whole or in part Code Ga. 1882, DEMAND (noun) - A claim; the assertion of a legal right; a legal obligation asserted in… WebSet-off may be divided into the following categories: Legal set-off. This can only be resorted to as a defence to a court action and is available where the two claims are liquidated or … buy two get one free hot topicWeb21 Jul 2015 · The sense of set off intended in the phrase "set off [something] with commas" is, I think, definition 1(c) above: to set apart : make distinct or outstanding If the something being set off with commas is an independent clause, such as the one you're reading now, it seems clear that the commas do succeed in setting it apart and making it distinct—and … buy two get two free

"Webrestatement of the law of set-off as established by the Statutes of Set-off be enacted in New South Wales. Four submissions were received ... DEFINITION OF SET-OFF 1.4 Set-off, at its most basic, is a mechanism whereby one party can apply a debt owed to him or her by another party to discharge all or " - Set off legal definition

Set off legal definition

Webset off on [sth] vi phrasal + prep. (begin: a journey) salir hacia algo, salir para algo, partir hacia algo loc verb. empezar un viaje, comenzar un viaje loc verb. That morning, we set off on our trip to California. Esa mañana salimos para California. set off for [sth] vi phrasal + prep. (begin a journey) Web1) n. also called a "setoff," the deduction by a debtor from a claim or demand of a debt or obligation. Such an offset is based upon a counterclaim against the party making the …

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WebSetoff 1. The right of someone who owes money to subtract from the debt any money owed in the other direction. 2. A defedant's monetary demand against the plaintiff for some … WebSet off legal definition of set off Set (redirected from set off) Also found in: Dictionary, Thesaurus, Medical, Financial, Idioms, Encyclopedia, Wikipedia. set v. to schedule, as to …

Web26 Mar 2024 · Legal Definition of set-off (Entry 1 of 2) 1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor specifically : the reduction or discharge of a party’s debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party. Websetoff 8 letter words. antipode antipole breakage contrary converse detonate discount drawback flip side kickback offprint opposite outstart price cut price-cut rollback start-off starting write off write-off.

WebMeaning of Set-Off Clause. A set-off in law is used by a debtor to diminish the overall liability for a debt claimed by a creditor. A supplier claims £100 for services rendered. The customer claims that some of the work was defective. A value of £20 is attributed to the defects. The customer may have a set-off of £20 to diminish the overall ... Web22 Nov 2024 · A right of set-off allows a (“Party 1”) to take into account the amount owed to it by the second party (“Party 2”) against any amount owed by Party 1 to Party 2, each party must be a debtor and a creditor. Common law provides the key features that must be present for set-off to arise are;

WebDefine 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 the flowers.

Web18 Apr 2010 · Legal set-off can only be used as a defence to court proceedings, and the claims in respect of which set-off is to be applied must be defined or liquidated sums, which can be proved. It is important that the claims be both due and owing at the time when the claim is made. It is important also that the claims or debts be between the same parties ... certified diverse businessWebSynonyms of setoff. 1. : something that is set off against another thing: a. : decoration, ornament. b. : compensation, counterbalance. 2. : the reduction or discharge of a debt or … buy two gamesWeb6 Apr 2024 · Setoff definition: a thing that makes up for or sets off something else; counterbalance ; compensation Meaning, pronunciation, translations and examples certified distance learningWebThe Print+ membership where Singletrack magazine drops through your door, plus full digital access, is normally £45, now only £22.50 with the code. And a digital membership where you can read ... certified diversity executiveWebDefinition of set off set in motion or cause to begin; "The guide set the tour off to a good start" Anagrams of set off OFFSET SETOFF Thanks for visiting The Crossword Solver "set off". We've listed any clues from our database that match your search for "set off". There will also be a list of synonyms for your answer. certified dispatcherWeb31 Aug 2006 · I'm often confused about whether to use setoff, set-off, set off, or offset.All these terms can refer to reduction of one amount by another. Black's Law Dictionary (7th ed.) defines setoff (the noun) as "A defendant's counterdemand against the plaintiff, arising out of a transaction independent of the plaintiff's claim," or as "A debtor's right to reduce … certified distributors pittsburghWebLegal set-off or Independent set-off, also known as statutory set-off: this arises where a claim and a counterclaim in a court action are both liquidated sums or ascertained with … certified diverse owned brand