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What is a setoff?

What is a setoff? Here are some definitions.

Noun
  1. (finance) The situation where a bank or similar organisation repays itself money owed by an accountholder out of his or her account.
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Examples
New stops have been installed and services will make those stops their setoff point.
The invoices are payable at Bruges at the latest on the due date mentioned on the invoice without discount and without possibility of setoff.
The issues about values, direction and setoff factors inherited by modern valleys relating to Neogene remained unresolved.
Credit risk is mitigated through the use of collateral and legally enforceable netting or setoff agreements.
Tenders are invited for Electrical work of replacement of old defective submersible pump setoff NIE Guest House Campus New Delhi.
In the framework of this report, which is intended to offer a set of rules governing setoff to be adopted for international contracts, it would seem necessary to select among the three theoretical conceptions of the set-off.

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