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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
The Modi government has tried to deflect criticism by declaring that the 'off-set' agreement is a matter between two commercial companies and the Indian government had no role in it.
Or, if the object of your attention is suddenly very, very close, you can engage with easy-to-see open sights, with little to no off-set, as you might have with standard front and rear sights.
They will also off-set the carbon footprint of their vehicle, and sign up to the firm's Driving Greener Charter of tips on improving fuel efficiency and reducing emissions.
WARRANTY provider Warranty Direct has launched a so-called Green Warranty to support motorists of low CO2 emitting vehicles and those looking to off-set their carbon footprint.
"Off-setting all travel was very important to us and we are delighted that our spectators cannowenjoythe event knowing their environmental impact has been off-set for them."
Seven million trees, it has been calculated, will off-set Russia's carbon emissions--the world's third biggest greenhouse gas emitter.
"If you want to go down that road, I recommend you buy off-set from CarbonNeutral Newcastle, who provide off-set by insulating homes of people in our region who would struggle to pay for it themselves.
She's started dressing like them off-set - and it's not a good look.
AVESCO, organizers of the Australian V8 Supercar touring car racing series, the country's premier motor sport championship, have confirmed that they will off-set the series carbon emissions beginning in 2007.
"Local manufacturing will reduce lead times, transportation costs and assist clients with off-set obligations, which is so important in a very cost conscious industry."
IDA approved the sale of about $145 million in bonds on behalf of the school to pay for the expansion, as well as a mortgage recording tax waiver of about $4 million to help off-set financing costs.