offset

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Offset

A contrary claim or demand that may cancel or reduce a given claim; a counterclaim. A kind of bookkeeping entry that counters the effect of a previous entry.

offset

1) 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 original claim. Example: Harry Hardhead makes a claim or files a lawsuit asking for $20,000 from Danny Debtor as the final payment in purchase of a restaurant; as part of his defense Debtor claims an offset of $10,000 for alleged funds owed by Hardhead for repairs Debtor made on property owned by Hardhead, thus reducing the claim of Hardhead to $10,000. 2) v. to counterclaim an alleged debt owed by a claimant to reduce the demand of that claimant. (See: counterclaim, defense, setoff)

offset

noun allowance, balance, compensation, counter, counteractant, counteragent, counterbalance, counterblast, counterpoise, counterweight, equalization, equivalent, hedge, impedance, neutralizer, nullifier, opposition, preventative, satisfaction, set off, substitute
See also: adeem, compensate, contra, counteract, countervail, cover, equipoise, negate, neutralize, nullify, opposition, outbalance, overreach, reaction, setoff
References in periodicals archive ?
The area of carbon management and off-setting is new and evolving fast, and organisations aspiring to practise their CSR principles are well advised to seek advice.
3, where he suggested instead that the government initiate a blanket cap of 50 per cent of the entire remuneration package if the aim is to prevent clergy from off-setting all their income with the deduction.
for nearly $30 billion, off-setting a bid from British Telecom.
Off-setting in part these benefits is that by incurring the incremental debt, the company is, in effect, taking an obligation that would have amortized to zero over time (i.
Account holders reduce the amount of interest they pay on their mortgage by off-setting their borrowings against their savings and current account balance.
During the same period, ABX Air has added four Boeing 767 freighter aircraft into the DHL network, with associated cash flow from depreciation more than off-setting the loss of depreciation cash flow generated by the 28 removed aircraft.
who initiated the Gold's Gym Preferred Vendor Partnership with Sportwall says: "Day care has always been an expense item with virtually no off-setting revenue sources.