set-off

noun
\ ˈset-ˌȯf\

Legal Definition of set-off

 (Entry 1 of 2)

1 : the reduction or discharge of a debt by setting against it a claim in favor of the debtor specifically : the reduction or discharge of a party's debt or claim by an assertion of another claim arising out of another transaction or cause of action against the other party
2a : a right to seek reduction or discharge of a debt or claim by countering a party's claim with an independent claim
b : a counterclaim made by a defendant against a plaintiff for reduction or discharge of a debt by reason of an independent debt owed by the plaintiff to the defendant — compare recoupment sense 2

set off

transitive verb

Legal Definition of set off (Entry 2 of 2)

: to reduce or discharge by set-off : offset

Comments on set-off

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