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)

References in periodicals archive ?
(2003) "Offsetting the Costs of SA's Strategic Defence Package", Institute for Security Studies, ISS Paper 75.
To quantify the muscle moment arms associated with offset and non-offset humeral tray/liner designs during two motions, abduction in the scapular plane and internal/external rotation, in order to evaluate the second null hypothesis that offsetting the humerus in the posterior/superior directions will not impact muscle moment arms with rTSA.
Offsets allow companies and nations to satisfy greenhouse gas reduction obligations by offsetting pollution emissions with emissions reductions elsewhere.
The Business Travel Show Dubai is committed to looking at ways to reduce its carbon footprint by cutting emissions wherever possible and offsetting those emissions that remain unavoidable."
In a recently published report, (12) Leonardo Ribon and Helen Scott from the Global Sustainability Institute at RMIT argue that 'criticism of the carbon offset industry is justified, as only some Australian carbon offset service providers communicate on their websites that offsetting emissions is only one element of a comprehensive greenhouse gas strategy.
The airline industry has "a diverse and generally unsatisfactory attitude" to carbon offsetting, a report from MPs said today.
Continental Airlines (NYSE: CAL) and Sustainable Travel International have announced that they are planning to offer customers the option to participate in a voluntary carbon offsetting programme.
"The air travel industry contributes to carbon dioxide emissions, which is why Cerulean Jet is offsetting 100 percent of our jets' travel with carbon offsets," said Ken Starnes, CEO of Cerulean Jet.
This requires a functional knowledge of both federal social security regulations and state workers' compensation law, specifically as it pertains to any offsetting or reduction of either benefit.
I further generalize letter sums and differences by offsetting the letters against their numerical values; for example, with offset 1, A=26, B=1, C=2, ...
Alternative 1: Current-year income and deduction items are first netted, resulting in the $10 deduction offsetting $10 of income.
Backside coating solves the problem of linting and offsetting of debris in the reel, producing a cleaner and better printing coated side.