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  • Set-off Practical Law

    Insolvency set-off. The rules of insolvency set-off are mandatory and may not be varied by contract. Where a creditor proves in a liquidation, administration or bankruptcy, an account must be taken of the mutual dealings between the creditor and either the company in liquidation or administration or the bankrupt.The sums due from one party must be set off against the sums due from the other ...

  • Set-off (law) - Wikipedia

    OverviewSet offDifference between set-off and nettingMarket effectNetting

    Set off is a legal event and therefore legal basis is required for the proposition of when two or more gross claims are netted. Of these legal bases, a common form is the legal defense of set-off, which was originally introduced to prevent the unfair situation whereby a person ("Party A") who owed money to another ("Party B") could be sent to debtors' prison, despite the fact that Party B also owed money to Party A. The law thus allows both parties to defer payment until their respective claims have been hear

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  • Cliffe Dekker Hofmeyr - “To set-off or not to set-off?”

    Feb 01, 2017  Set-off allows the termination of obligations without an exchange of performance. Where parties are indebted to one another, set-off operates automatically under the common law when the requirements for set-off are satisfied. Under sections 90 and 124 of the National Credit Act (NCA), the process is not automatic and is more cumbersome and onerous on the credit provider.

  • LAW MATTERS: Common law set-off cannot be applied to ...

    Oct 27, 2019  Standard Bank argued that the common law principle of set-off is not expressly prohibited by section 90(2)(n) and section 124 of the NCA. Accordingly, it argued, if it does not stipulate set-off ...

  • Consumer Note 5 Set-Off

    principle known as set-off. In summary, the legal principle is that if A owes B R100 and B owes A R50 then A can deduct the R50 owed to him by B and only pay R50 to B in settlement of the debt. A has thus set-off R50 from the debt he owes to B. There are several legal requirements, exceptions etc. for this principle but this is the essence of it.

  • Equitable Right to set off Law and Legal Definition ...

    The basic principle giving rise to equitable right to set off is prevention of injustice in permitting one person to enforce a claim, while at the same time on account of his/her insolvency the other party with an equally meritorious claim is left with demand wholly unenforceable against an insolvent debtor.[Fischer v.

  • What is right of set off? – Banking School

    Right of set off is the right of the bank to combine the two accounts of the same person where one account which is in credit balance and the other account is in debit balance in order to cover a loan default. The banker can exercise the right of set-off only when the money owed to him is a sum certain, which is due and where there is no ...

  • Set-off legal definition of set-off

    A set-off is not allowed in actions arising ex delicto, as, upon the case, trespass, replevin or detinue. Bull. N. P. 181. 6. The matters which may be set off, may be mutual liquidated debts or damages, but unliquidated damages cannot be set off. 1 Black. R. 394; 2 John. 150; 8 Conn. 325; 1 McCord, 7; 3 Wend. 400; 1 Stew.

  • Set-off on the right foot: a practical guide to set-off ...

    Set-off on the right foot: a practical guide to set-off. United Kingdom; Construction and engineering; 22-11-2017. Employers and Developers typically undertake multiple construction projects at the same time, and normally, having built a successful working relationship and track record with a good professional team or selection of contractors, they will use that same team on the majority of ...

  • Payment of Bonus Act, 1965 Bare Acts Law Library ...

    Payment of Bonus Act, 1965. 15. Set on and set off of allocable surplus (1) Where for any accounting year, the allocable surplus exceeds the amount of maximum bonus payable to the employees in the establishment under section 11, then, the excess shall, subject to a limit of twenty per cent of the total salary or wages of the employees employed in the establishment in that accounting year, be ...

  • Set-Off Industry Standard Policies, Practices, Principles ...

    Set-Off Industry Standard Policies, Practices, Principles and Procedures Important in Banking Litigation Renowned nationwide banking expert witness consultant, former high-level banker and governmental banking regulator Don Coker explains some important issues in the often misunderstood procedure of Set-Off as it arises in banking litigation.

  • Principle III.1 - Set-off Trans-Lex.org

    This follows from the fundamental principle of party autonomy (Principle IV.1.1). Contractual set-off can be effected in two different ways. Such an agreement may have the effect of directly extinguishing the claims to be set-off, whether such claims exist at the moment the set-off

  • Recent Developments in the Law of Set-off

    Canadian law recognizes three types of set-off: contractual, legal or statutory, and equitable.21 A. Contractual Set-off Contractual set-off operates primarily on principles of contract. As Pal-mer states: Contractual set-off is, not surprisingly, more a matter of contract law than a separate application of set-off.

  • SET OFF meaning in the Cambridge English Dictionary

    set off definition: 1. to start on a trip: 2. the right to pay a person or organization less money than you owe them. Learn more.

  • Meaning Of Set On Set Off In Payment Of Bonus Act - CiteHR

    (3) The principle of set on and set off as illustrated in the forth schedule shall apply to all other cases not coved by sub-sec.(1) or sub-sec. (2) for the purpose of payment of bonus under this act.

  • A Bankers Right to Set Off Money - LawTeacher.net

    Equitable set-off is a right that is available in the court of equity and not in a court of law. Such equity developed rules of set-off primarily governs relationships in the nature of assignor, assignee and debtor. The principle of equitable set-off was considered by the Court of Appeal in the case of Bhogal v.

  • Set-Off Clause Definition - Investopedia

    Set-Off Clause: A set-off clause is a legal clause that gives a lender the authority to seize a debtor's deposits when they default on a loan. A set-off clause can also refer to a settlement of ...

  • IN THE HIGH COURT OF SOUTH AFRICA - SAFLII Home

    In Wille, Principles of South African Law, 8th Edition 483, the requirements for set off are as follows: ‘The four conditions for set-off to operate are that both debts must be (i) of the same value, (ii) Liquidated, (iii) fully due, and (iv) payable by and to the same persons in

  • Offset printing - Wikipedia

    Offset printing is a commonly used printing technique in which the inked image is transferred (or "offset") from a plate to a rubber blanket, then to the printing surface. When used in combination with the lithographic process, which is based on the repulsion of oil and water, the offset technique employs a flat (planographic) image carrier.Ink rollers transfer ink to the image areas of the ...

  • Right of Setoff(Banking) Law and Legal Definition ...

    In order to cover a loan in default, a bank has a legal right to seize funds of a guarantor or the debtor. A settlement of mutual debt between a creditor and a debtor through offsetting transaction claims is

  • Doctrine of Equitable Set-Off: Critical Analysis Tilak Marg

    Mar 24, 2017  Set-off is in the nature of a cross-action which can be entertained separately. On the other hand, the concept of equitable set-off is not defined in any procedural law or otherwise. This concept of equitable set-off comes from the broad principles of justice, equity and good conscience.

  • Limitations to the right of set off - HWL Ebsworth Lawyers

    Introduction. A recent decision of the Supreme Court of Western Australia has held that where a company is in liquidation: The only right of set off available to a debtor is pursuant to section 553C of the Corporations Act 2001 (Cth) (Act) and contractual and other rights of set off are not enforceable; and; Where there is a security interest over the debtor, the secured creditor will be ...

  • When Paying Extra Toward Mortgage Principal Pays Off ...

    Paying additional principal on your mortgage can save you thousands of dollars in interest and help you build equity faster. There are several ways to prepay a mortgage : Apply a lump sum after an ...

  • Principle III.1 - Set-off Trans-Lex.org

    This follows from the fundamental principle of party autonomy (Principle IV.1.1). Contractual set-off can be effected in two different ways. Such an agreement may have the effect of directly extinguishing the claims to be set-off, whether such claims exist at the moment the set-off

  • Right of Setoff(Banking) Law and Legal Definition ...

    In order to cover a loan in default, a bank has a legal right to seize funds of a guarantor or the debtor. A settlement of mutual debt between a creditor and a debtor through offsetting transaction claims is

  • Purposes and Principles of the UN (Chapter I of UN Charter ...

    The Repertoire has generally focused on the first principle of the Article, and from 1989-2007 provided examples of calls for assistance made in Security Council decisions. From 2008 onwards, the ...

  • Doctrine of Equitable Set-Off: Critical Analysis Tilak Marg

    Mar 24, 2017  Set-off is in the nature of a cross-action which can be entertained separately. On the other hand, the concept of equitable set-off is not defined in any procedural law or otherwise. This concept of equitable set-off comes from the broad principles of justice, equity and good conscience.

  • Meaning Of Set On Set Off In Payment Of Bonus Act - CiteHR

    (3) The principle of set on and set off as illustrated in the forth schedule shall apply to all other cases not coved by sub-sec.(1) or sub-sec. (2) for the purpose of payment of bonus under this act.

  • Set-off Legal Definition Merriam-Webster Law Dictionary

    Legal definition of set-off: the reduction or discharge of a debt by setting against it a claim in favor of the debtor; specifically : the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party.

  • Offset printing - Wikipedia

    Offset printing is a commonly used printing technique in which the inked image is transferred (or "offset") from a plate to a rubber blanket, then to the printing surface. When used in combination with the lithographic process, which is based on the repulsion of oil and water, the offset technique employs a flat (planographic) image carrier.Ink rollers transfer ink to the image areas of the ...

  • Significado de SET OFF en el Diccionario Cambridge inglés

    set off Significado, definición, qué es set off: 1. to start on a trip: 2. the right to pay a person or organization less money than you owe them. Aprender más.

  • Determining the test for equitable set-off - Lexology

    Oct 12, 2010  This is to ensure that the test is based on principle and not mere discretion, and also to highlight that the basis of the set-off regime is equity. ... Contractual Set-Off. In any event, the ...

  • Acts Online News » Regulator takes Standard Bank to court ...

    Jan 18, 2017  "Our interpretation is that the common law rule of set-off can be applied because section 124 of the National Credit Act does not replace or amend this rule," Standard Bank said. "FNB applies the principles of common law set-off in accordance with legal advice obtained," said Hannalie Crous, head of retail credit at FNB.

  • Television - Principles of television systems Britannica

    Television - Television - Principles of television systems: A television system involves equipment located at the source of production, equipment located in the home of the viewer, and equipment used to convey the television signal from the producer to the viewer. The purpose of all of this equipment, as stated in the introduction to this article, is to extend the human senses of vision and ...

  • Environmental law - Principles of environmental law ...

    Environmental law - Environmental law - Principles of environmental law: The design and application of modern environmental law have been shaped by a set of principles and concepts outlined in publications such as Our Common Future (1987), published by the World Commission on Environment and Development, and the Earth Summit’s Rio Declaration (1992).

  • How Do I Make Extra Principal Payments on My Loans?

    Jun 15, 2020  Focusing on just one debt at a time will help you maximize your extra payments and help you get out of debt more quickly. This is because it will reduce the principal on one loan and reduce the amount you are paying on interest. Paying off your highest interest loans first can help you save money and speed up the process.

  • No Right of Set-Off Sample Clauses - Law Insider

    No Right of Set-Off. Each Party acknowledges and accepts that a fundamental principle of this Agreement is that each Party pays its Participating Interest share of all amounts due under this Agreement as and when required.Accordingly, any Party which becomes a Defaulting Party undertakes that, in respect of either any exercise by the non-defaulting Parties of any rights under or the ...

  • Article 8.1 (Conditions of set-off) - UNIDROIT

    The Principles do not deal with the impact of insolvency proceedings on the right to exercise set-off, which is therefore to be determined by the applicable law. Most domestic laws grant the first party the right to exercise set-off even after the other party has become involved in insolvency proceedings, thereby derogating from the principle ...

  • Loan Principal: What Is It?

    In loans, the principal is the amount that an entity borrows and must repay. If you or your business borrows money from a bank, you have a loan, and the size of your loan is the initial principal.As you make payments on the loan, part of those payments will reduce the principal, while the rest will pay off the interest that has accrued on the principal balance.

  • How Do I Make Extra Principal Payments on My Loans?

    Jun 15, 2020  Focusing on just one debt at a time will help you maximize your extra payments and help you get out of debt more quickly. This is because it will reduce the principal on one loan and reduce the amount you are paying on interest. Paying off your highest interest loans first can help you save money and speed up the process.

  • CHAPTER 8: SET-OFF - UNIDROIT

    List of articles in category CHAPTER 8: SET-OFF ; Title; Article 8.5 (Effect of set-off) Article 8.4 (Content of notice) Article 8.3 (Set-off by notice) Article 8.2 (Foreign currency set-off) Article 8.1 (Conditions of set-off)

  • OECD Principles on Artificial Intelligence - Organisation ...

    The OECD set up a 50+ member expert group on AI to scope a set of principles. The group consisted of representatives of 20 governments as well as leaders from the business, labour, civil society, academic and science communities. The experts’ proposals were taken on by the OECD and developed into the OECD AI Principles.

  • Can I Withhold Payments to My Contractors? LegalVision

    Jul 13, 2015  Right of Set-Off. Including a right-of-set off under your agreement is the easiest way to withhold payments to your contractors. It allows you to set-off (withhold) any amounts owed to you under your agreement or any other agreement. This is ‘set-off’ against amounts payable to the contractor (the amount the contractor is claiming for its ...

  • Accounting Principles Definition - Investopedia

    Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the generally accepted accounting ...

  • The Comprehensive Guide to Understanding GAAP Accounting

    Jul 22, 2019  Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

  • Company 401k 403b Plans Principal

    1 IRS annual limits for 2020.. 2 Information is for illustrative purposes only. The retirement balance (potential future value) assumes a 7% annual rate of return on their savings. The assumed rate of return for the analysis is hypothetical and does not guarantee any future returns nor represent the return of any particular investment.

  • Extra Payment Calculator - Pay off debt quicker and save ...

    By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.

  • Bankers Right to lien and set off - Legal Service India

    "A legal set-off is where there are mutual debts between the plaintiff and defendant, or if either party sue or be sued as executor or administrator one debt may be set against the other "(S.13 Insolvent Debtors Relied Act 1728) From a commercial standpoint, a right of set-off is a form of security (right) for a lender.

  • Accounting Principles Explanation AccountingCoach

    There are general rules and concepts that govern the field of accounting. These general rules–referred to as basic accounting principles and guidelines–form the groundwork on which more detailed, complicated, and legalistic accounting rules are based.For example, the Financial Accounting Standards Board (FASB) uses the basic accounting principles and guidelines as a basis for their own ...

  • The Principles Of Set-on And Set-off Under The Payment Of ...

    On perusal of the various threads relating to the Payment of Bonus Act,1965, I come across the most oft-repeated questions in one form or the other relating to the principles of set-on and set-off under the Act. So, I have attached herewith the explaination of the subject to the best of my knowledge and understanding. Attached Files

  • Set-off Practical Law Canada

    Insolvency set-off. The rules of insolvency set-off are mandatory and may not be varied by contract. Where a creditor proves in a liquidation, administration or bankruptcy, an account must be taken of the mutual dealings between the creditor and either the company in liquidation or administration or the bankrupt.The sums due from one party must be set off against the sums due from the other ...