Template:Nutshell GMSLA 11.8: Difference between revisions
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{{gmslaprov|11.8}} '''{{gmslaprov|Set-off}}''' Any amount payable to one {{gmslaprov|Party}} by the other under {{gmslaprov|11.2(b)}} may, at the {{gmslaprov|Non Defaulting Party}}’s option, be [[set off]] against any amount payable the other way under any other agreement between the {{gmslaprov|Parties}}. The {{gmslaprov|Non Defaulting Party}} may estimate any [[unascertained obligation]] but must account for any difference once finally ascertained. This paragraph does not create a [[security interest]], or prejudice any other rights either party may have. <br> | {{gmslaprov|11.8}} '''{{gmslaprov|Set-off}}''': Any amount payable to one {{gmslaprov|Party}} by the other under {{gmslaprov|11.2(b)}} may, at the {{gmslaprov|Non Defaulting Party}}’s option, be [[set off]] against any amount payable the other way under any other agreement between the {{gmslaprov|Parties}}. The {{gmslaprov|Non Defaulting Party}} may estimate any [[unascertained obligation]] but must account for any difference once finally ascertained. This paragraph does not create a [[security interest]], or prejudice any other rights either party may have. <br> | ||
Latest revision as of 10:23, 24 June 2020
11.8 Set-off: Any amount payable to one Party by the other under 11.2(b) may, at the Non Defaulting Party’s option, be set off against any amount payable the other way under any other agreement between the Parties. The Non Defaulting Party may estimate any unascertained obligation but must account for any difference once finally ascertained. This paragraph does not create a security interest, or prejudice any other rights either party may have.