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 ?
Off-set mortgages give you the option of using your savings to cut what you owe on your home.
The Virgin One account, which was launched in 1997, was one of the first mortgages that allowed consumers to off-set their current account against their home loan to reduce the amount of interest they paid.
Mr Spowart will also look at ways of introducing off-set and internet banking across the HBOS group, particularly for business customers.
But Melanie Stewart, mortgage editor at money information group Moneyfacts, warned that off-set mortgages and current account mortgages were not for everyone.
EBITDA is expected to remain flat in 2006, as growth in suspension revenues is expected to be off-set by a weaker performance in the brakes division.
Occupancy levels had been growing during the first nine months of 2005 but during the fourth quarter the effect of Hurricane Wilma on Cancun and Cozumel coastal hotels partially off-set this growth.
The increase in expenses was partially off-set by the favorable settlement and elimination of deferred compensation due to officers of the Company.
We have aggressively pursued multiple initiatives to reduce our costs, but our actions have only been able to partially off-set strong increases in raw material, energy and freight costs.
According to Stoop, the anticipated savings on interest for the targeted reduction of Stock (vehicles "on rubber") of one day is expected to more than off-set the CAPEX for this RFID Project.
Fitch believes the low liquidity level is somewhat off-set by the system's reduced future capital needs, predictable cost structure, and management's proven track record of lowering operational and maintenance costs.