In accounting, two parties who have an indebtedness to each other agreeing that one debt has paid all or part of the other. Similarly, in a lawsuit, a defendant may claim that the plaintiff owes the defendant money that should be subtracted from the amount claimed by the plaintiff.

Business law dictionary. 2015.

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  • setoff — I noun counter, counterbalance, counterdebt, counterdemand, counterpoise, counterweight, debt owed, equivalent claim, money due, offset, offsetting claim, recoupment associated concepts: counterclaim, cross claim II index indemnity …   Law dictionary

  • setoff — Where a creditor also owes money to a debtor, a setoff may be appropriate. If a debtor owes a supplier $10,000, but the supplier has purchased product from the debtor and owes the debtor $15,000, the creditor has a setoff which should allow it to …   Glossary of Bankruptcy

  • setoff — [set′ôf΄] n. 1. a thing that makes up for or sets off something else; counterbalance; compensation 2. a) a counterbalancing debt claimed by a debtor against a creditor b) a claim for this 3. OFFSET (n. 4 & 8) …   English World dictionary

  • setoff — Offset Off set , n. [Off + set. Cf. {Set off}.] In general, that which is set off, from, before, or against, something; as: [1913 Webster] 1. (Bot.) A short prostrate shoot, which takes root and produces a tuft of leaves, etc. See Illust. of… …   The Collaborative International Dictionary of English

  • setoff — noun Date: 1621 1. something that is set off against another thing: a. decoration, ornament b. compensation, counterbalance 2. the reduction or discharge of a debt or claim by setting against it a distinct claim in favor of the debtor or party… …   New Collegiate Dictionary

  • setoff — /set awf , of /, n. 1. something that counterbalances or makes up for something else, as compensation for a loss. 2. Accounting. a counterbalancing debt or claim, esp. one that cancels an amount a debtor owes. 3. Also called offset. Archit. a. a… …   Universalium

  • Setoff — Отмарывание, перетискивание (краски) || отмарывать, перетискиваться (о краске); Украшение; Отмарывание; Перетискивание (краски) …   Краткий толковый словарь по полиграфии

  • setoff — (1) In general, the legal right to reduce the amount owed by one party to another party by the sum that the second party also owes to the first party. (2) The confiscation of a deposits held by a borrower to offset some or all of the amounts owed …   Financial and business terms

  • setoff — Synonyms and related words: abatement, agio, allowance, antipode, antipodes, antipole, antithesis, antonym, balance, ballast, bank discount, breakage, cash discount, chain discount, charge off, concession, consideration, contra, converse, counter …   Moby Thesaurus

  • setoff — (Roget s Thesaurus II) noun Something to make up for loss or damage: amends, compensation, indemnification, indemnity, offset, quittance, recompense, redress, reimbursement, remuneration, reparation, repayment, requital, restitution, satisfaction …   English dictionary for students

  • setoff — зачет встречных требований. Обычно осуществляется по заявлению ответчика. В МКАС при ТПП РФ предъявление требования к зачету осуществляется в порядке, принятом для подачи встречного иска, и облагается арбитражным сбором (см. пар. 5 Положения об… …   Glossary of international commercial arbitration

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