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32 SET-OFF, OFFSET AND FUNDING

Reinsurance Practice and the Law

Chapter 32 SET-OFF, OFFSET AND FUNDING SET-OFF What is set-off? 32.1 Set-off is a procedure which enables parties to have their mutual claims resolved in one action. It allows a defendant who is being sued to argue that he is entitled to deduct, or “set off”, from the claim against him sums owed to him by the claimant, so as to diminish or extinguish the claim. In legal terms, set-off is a ground of defence, and can be either “legal” or “equitable”.

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