WebLegal 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 … WebApr 13, 2015 · The best options available to you are to (a) immediately issue a formal Notice of Dispute to the upstream person pursuant to the relevant clause in your existing …

Set-off clauses Practical Law

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 ... WebContractual set-off is important in transactional dealings because it can confer a right of set-off in circumstances where it would not otherwise exist or in ways which are different … pentair investor presentation

Set-off Practical Law

WebSet-Off. The State may set off any sums which the Party owes the State against any sums due the Party under this Agreement; provided, however, that any set off of amounts due … WebJun 8, 2024 · In Mujtaba v. Yasin, 2024 ONSC 2554, Justice Emery addressed the two types of set-off: legal set-off and equitable set-off. Legal set-off is provided for in section 111 of the Courts of Justice Act, which states: “in an action for payment of a debt, the defendant may, by way of defence, claim the right of set off against the plaintiff’s ... WebThere are three main categories of set-off: Legal set-off - a procedural remedy which applies only in litigation. It applies where there are mutual debts which are both due and … pentair key account manager salary