Template:GMSLA 2010 11.8: Difference between revisions

:{{gmslaprov|11.8}}. '''{{gmslaprov|Set-off}}''' <br>

:Any amount payable to one {{gmslaprov|Party}} (the '''{{gmslaprov|Payee}}''') by the other {{gmslaprov|Party}} (the '''{{gmslaprov|Payer}}''') under paragraph {{gmslaprov|11.2(b)}} may, at the option of the {{gmslaprov|Non Defaulting Party}}, be reduced by its {{tag|set off}} against any amount payable (whether at such time or in the future or upon the occurrence of a contingency) by the {{gmslaprov|Payee}} to the {{gmslaprov|Payer}} (irrespective of the currency, place of payment or booking office of the obligation) under any other agreement between the {{gmslaprov|Payee}} and the {{gmslaprov|Payer}} or instrument or undertaking issued or executed by one {{gmslaprov|Party}} to, or in favour of, the other {{gmslaprov|Party}}.  If an obligation is unascertained, the {{gmslaprov|Non Defaulting Party}} may in good faith estimate that obligation and set off in respect of the estimate, subject to accounting to the other {{gmslaprov|Party}} when the obligation is ascertained.  Nothing in this paragraph shall be effective to create a [[charge]] or other [[security interest]].  This paragraph shall be without prejudice and in addition to any right of {{tag|set off}}, [[combination of accounts]], [[lien]] or other right to which any {{gmslaprov|Party}} is at any time otherwise entitled (whether by operation of law, contract or otherwise). <br>