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 ?
Meanwhile losing candidates belonging to Sakandari Purdil Abad union council and Mardan Rural union council in their two separate press conferences announced to stage protest set-ins in front of provincial minister for education Mohammad Atif Khan's residence at Mardan and PTI chief Imran Khan's residence Bani Gala in Islamabad besides to besiege office of Deputy Commission Mardan and houses of succeeded rival candidates if their demands regarding rigging, mismanagement and poor election arrangements were not met and redressed forthwith.
The ANP chief Asfandyar Wali Khan while briefing the journalist here in a local hotel in Peshawar on Monday said that the Prime Minster resignation demands were unconstitutional and due to the current protest set-ins had greatly damaged the Pakistan economy.
The opposition alliance further called to stage a campaign of set-ins and civil disobedience throughout the country against the regime.