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Set-off: Difference between revisions
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{{set-off and netting}} | {{set-off and netting}} | ||
===Contractual set-off | ===Cross-affiliate set-off=== | ||
{{crossaffiliate setoff}} | |||
===Contractual set-off=== | |||
Where each party to a transaction owes the other they may agree that, instead of making separate payments, the party due to make the larger payment should simply pay the difference. Set off provisions in the {{isdama}} and {{gmsla}} tend to go a lot wider, and allow (on default) a non-defaulting party to offset amounts owing against any liabilities of any kind owed by the defaulting party. This is clearly a drastic step and ordinarily would only be exercised as an utter last resort. See: | Where each party to a transaction owes the other they may agree that, instead of making separate payments, the party due to make the larger payment should simply pay the difference. Set off provisions in the {{isdama}} and {{gmsla}} tend to go a lot wider, and allow (on default) a non-defaulting party to offset amounts owing against any liabilities of any kind owed by the defaulting party. This is clearly a drastic step and ordinarily would only be exercised as an utter last resort. See: | ||
*{{gmslaprov|Set-off}} ({{tag|GMSLA}}) | *{{gmslaprov|Set-off}} ({{tag|GMSLA}}) | ||
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{{assignment and set off}} | {{assignment and set off}} | ||
{{seealso}} | |||
*[[Netting]] | *[[Netting]] | ||
{{ref}} | |||