Definition, Meaning & Synonyms
set-off
noun
/ˈsɛt.ɒf/
Definition
A set-off is a legal term that refers to the right of a debtor to reduce the amount of money owed to a creditor by any sum that the creditor owes to the debtor.
Examples
- The company used its profits from a previous year as a set-off against its current tax liabilities.
- After reviewing the contracts, they established a set-off to ensure fairness in the transaction.
Meaning
In general usage, set-off means to counterbalance or offset something, often in a financial context.
Synonyms
- offset
- counterpoint
- compensation
