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 ?
2004) "Defence offsets in Australia and New Zealand", in: J.
2004) "Using procurement offsets as an economic development strategy", in: J.
1998) Philippine Defence Industrial Development and Offsets, Shrivenham: Cranfield University.
These additional benefits lead to second-level competition with respect to the attractiveness of the offset offerings.
Prior to the Directive becoming law, several European states adopted a pragmatic position on offset, refusing to abandon the broad spread of offset opportunities when procuring foreign weapon systems.
This paper focuses on mandated offset demands from buyer countries, seeking to exploit the post-1980's emergence of a buyers' arms market.
The guidelines also increase transparency and predictability for developers by clarifying when an offset is needed and explicitly defining the factors that will be considered in determining the amount of offset required.
14) During these negotiations, vendors may offer offsets as an
The use of offsets began in 1961, when the United States required
present time, offsets are an integral part of negotiations in defense
Offsets are vulnerable to corruption because they distribute large
of defense offsets raises a suspicion that offset incentives contain