Offset

(redirected from Off-Setting)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

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)

References in periodicals archive ?
'Government decided that due to the paucity of funds, it shall set aside an additional sum of N200 million special grant on a monthly basis to assist the institutions in off-setting the outstanding arrears,' Ogunesan was quoted as saying.
Professor Dudley Shallcross, Professor in Atmospheric Chemistry at The University of Bristol, added: "A significant ingredient required for the production of these Criegee biradicals comes from chemicals released quite naturally by plants, so natural ecosystems could be playing a significant role in off-setting warming."
But, Dr Edwards has shown that managed restoration of logged forest, which can also be used for carbon off-setting, brings biodiversity virtually back to pre-logging levels within 15 years, much quicker than forest left to regenerate naturally.
While at least six out of ten claimed to know a lot or a fair amount about global warming and climate change, only one in four could say the same about the term "carbon footprint" and "carbon off-setting".
The estimated cost of off-setting his emissions was a meagre EUR35.
"Now off-setting has its place, but it really should be the last thing you do after you've done your best to reduce carbon emissions in every other sphere of your life.
To acknowledge that off-setting is a last resort, after action has been taken to reduce emissions;
Half the money will go to the driver, with the other half being donated to the carbon off-setting organisation.