Template:Nutshell GMSLA 11.8: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{gmslaprov|11.8 '''{{gmslaprov|Set-Off}} ''' Any amount payable to one Party by the other under {{gmslaprov|11.2(b)}} may, at the {{gmslaprov|Non Defaulting Party}}’s optio..." |
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{{gmslaprov|11.8 '''{{gmslaprov|Set- | {{gmslaprov|11.8}} '''{{gmslaprov|Set-off}} ''' Any amount payable to one 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 round under any other agreement or instrument between the parties. | ||
If an obligation is unascertained, the {{gmslaprov|Non Defaulting Party}} estimate it but must account to the other Party when the obligation is ascertained. | If an obligation is unascertained, the {{gmslaprov|Non Defaulting Party}} estimate it but must account to the other Party when the obligation is ascertained. | ||
This paragraph does not create a security interest, and does not prejudice any other rights which either party may have. | This paragraph does not create a security interest, and does not prejudice any other rights which either party may have. | ||
Revision as of 15:02, 25 January 2018
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 round under any other agreement or instrument between the parties.
If an obligation is unascertained, the Non Defaulting Party estimate it but must account to the other Party when the obligation is ascertained.
This paragraph does not create a security interest, and does not prejudice any other rights which either party may have.