Set-off
The balancing of amounts two parties owe each other so that only the net amount remains payable, where the contract or law permits it.
Related terms
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Insolvency set-off
Rules that automatically balance certain mutual debts between an insolvent party and a creditor so only the net amount is claimed or paid.
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Debt write-off
The cancellation of some or all of a debt so the debtor is no longer required to pay the written-off amount.
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Write-off
The cancellation of some or all of a debt so the creditor no longer expects or requires payment of the written-off amount, subject to the legal basis and agreement.
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