Set-off
A set of boilerplate set-off clauses, with detailed drafting notes on the legal background and suggested wordings. These Standard Clauses offer a version extending one party's non-contractual rights of set-off, allowing that party to set off any liability, whether present or future, liquidated or unliquidated, and even if expressed in different currencies. The clauses also offer alternative versions to exclude set-off, mutually or for one party. Excluding set-off helps to secure payments due under an agreement without counterclaim, deduction, or withholding. These Standard Clauses are accompanied by notes explaining the key drafting considerations. The notes outline non-contractual rights of set-off and address the risk that a clause may be unenforceable if it offends legislation against unfair terms.
Already a Practical Law customer? Sign in
Get access to this document with Practical Law
The value of Practical Law
Deliver results and stay ahead with the help of Practical Law's built-in network of legal experts
As a legal professional, your time is a precious resource. Whether you need insights on a market-leading precedent, help navigating a new topic, how-to guidance on the law with an integrated drafting note, or a checklist to help mitigate risk, you can rely on Practical Law.
Practical Law is the only legal know-how solution supported by a team of over 650 full-time global editors who obsessively monitor the law and create resources to help you navigate the unknown and practise more efficiently.
Learn more about Practical Law
Make the most of your time and resources
Jumpstart your work
Easy-to-use tools deliver a great starting point, so you spend less time searching for templates, building presentations, or delving into unfamiliar areas.
Get how-to guidance
Practical resources provide you with in-depth expert knowledge and insights to help you work more efficiently and make informed decisions confidently.
Rely on worldwide expertise
We offer global and comparative content with thousands of assets covering critical legal topics in more than 100 countries, including weekly updates and daily alerts for EU Law.