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 ?
According to People, the birth of their daughter came weeks after Cardi confirmed that she and Offset had secretly tied the knot in September 2017.
Critique: Impressively informative, notably comprehensive, expertly organized and accessibly presented, "Social Security Offset Penalties" is one of those specialized instructional reference manuals that should be in every community library collection in every village, town and city in the country.
(How to manage Offsets successfully -- the Malaysian Experience).
offsets on defence business, industrial and technological development,
compare and critically evaluate the effectiveness of offsets practices
The GAO suggests that Congress consider adjusting Social Security offset provisions to reflect the increased cost of living.
Older Americans-those in or approaching retirement-and other borrowers who default on their federal student loans are subject to a number of actions to recover the amount owed, including Social Security offsets, the GAO says.
The GAO's analysis of data shows that the number of borrowers-especially older borrowers-who have experienced offsets of their Social Security benefits because of such unpaid loans has increased over time.
The parties to offset agreements are governments and corporations.
Indeed, there are two dominant themes of the offset agreement: one is essential security interests, whilst the other is the defense industry.
In addition to defining the word offset, several other terms
offset credits for the fulfilment of future offset obligations and