setoff(redirected from Set Offs)
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n. a claim by a defendant in a lawsuit that the plaintiff (party filing the original suit) owes the defendant money which should be subtracted from the amount of damages claimed by plaintiff. By claiming a setoff the defendant does not necessarily deny the plaintiff's original demand, but he/she claims the right to prove the plaintiff owes him/her an amount of money from some other transaction and that the amount should be deducted from the plaintiff's claim. (See: offset, affirmative defense)
setoffnoun allowance, balance, compensation, counter, counter demand, counterbalance, credit, equivalent, offset, opposite, outstanding indebteddess, satisfaction
Associated concepts: affirmative defense, counterclaim
See also: indemnity