Template:Nutshell GMSLA 11.8: Difference between revisions
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{{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. | :{{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. <br> | ||
:If an obligation is unascertained, the {{gmslaprov|Non Defaulting Party}} may estimate it but must account to the other [[Party]] once it is ascertained. <br> | |||
If an obligation is unascertained, the {{gmslaprov|Non Defaulting Party}} estimate it but must account to the other Party | :This paragraph does not create a [[security interest]], or prejudice any other rights either party may have. < br> | ||
This paragraph does not create a security interest, | |||
Revision as of 12:33, 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.
- If an obligation is unascertained, the Non Defaulting Party may estimate it but must account to the other Party once it is ascertained.
- This paragraph does not create a security interest, or prejudice any other rights either party may have. < br>