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In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
The banker's right to combine accounts has been recognised at appellate level by the courts of various other common law jurisdictions, including Australia, [4] Canada, [7] Guyana [12] and Singapore. [11] However, there does not appear to be any corresponding general right in civil law jurisdictions outside of the conventional right of set-off.
Set-off may refer to: Set-off (architecture), horizontal line shown on a floorplan indicating a reduced wall thickness, and consequently the part of the thicker portion appears projecting before the thinner; Set-off (law), reduction of a claim by deducting the amount of a valid countervailing claim
Other concepts, crucial to financial markets include contingent obligations, the fact that bank debts operate as money; and set-off designed to mitigate the net exposure of transactions. Set-off as a legal concept is crucial part of reducing credit risk and reducing the knock-on effects of insolvency.
Bilateral netting in finance and investments is a legally enforceable arrangement between a bank and a counterparty that creates a single legal obligation covering all included individual contracts.
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The effect of set-off, as per Article 8.5, is that: [5] The relevant obligations are discharged; If obligations differ in amount, set-off discharges the obligations up to the amount of the lesser obligation. Set-off takes effect as from the time of notice.