Set-off and netting

Set-off and netting guidance:

Contractual set-off is one of the five main types of set-off described in Practice Note: Types of set-off. Contractual set-off arises where a right of set-off has been...

Practice Note

This Deed is made on [insert day and month] 20[insert year] Parties 1 [insert name of Company], a company incorporated in England and Wales with registered number [insert...

Precedents

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a...

Practice Note

Although it commonly arises in the context of disputes, and therefore litigation, set-off is essentially a matter of substantive law. This Practice Note sets out the key...

Practice Note

Introduction Set-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by another party, Party B,...

Practice Note

In finance transactions, the terms 'netting' and 'set-off' are sometimes used interchangeably even though they are not the same thing. The confusion comes from the fact...

Practice Note

1 Set-off permitted by either party Each party may set off any amount that the other party owes it under this agreement[ or otherwise] against any amount it owes to the...

Precedents

For information on set-off in general, see Practice Note: What is set-off and when is it available? When is set-off relevant to finance transactions? There are five main...

Practice Note

This Practice Note sets out certain key cases and associated relevant content in relation to set-off. The cases are divided by topic area and include: • Principles of...

Practice Note

There are five main types of set-off: • independent set-off (sometimes known as legal set-off or statutory set-off) • transaction set-off (also known as equitable...

Practice Note

Set-off is a complex yet important concept in legal proceedings generally and for many different types of transaction. Independent set-off and transaction set-off can...

Practice Note