Template:Nutshell GMSLA 11.8: Difference between revisions

Template:Nutshell GMSLA 11.8 (view source)

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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 under any other agreement between the {{gmslaprov|Parties}}. The {{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>
-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.