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 round under any other agreement or instrument between the parties. | :{{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 round under any other agreement or instrument between the parties. A {{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> | ||
Revision as of 12:34, 8 March 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. A 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.