Offset Against Amounts Payable Clause Samples
The "Offset Against Amounts Payable" clause allows one party to deduct amounts owed to them by the other party from payments they are otherwise required to make. In practice, if Party A owes Party B $1,000, but Party B also owes Party A $200 under the same agreement or a related transaction, Party A can subtract the $200 from their payment and only pay $800. This clause streamlines the settlement of mutual debts, reducing administrative burden and minimizing the risk of non-payment by allowing parties to net out their obligations.
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Offset Against Amounts Payable. Whenever the Company is to pay any sum to any Unitholder or any Affiliate or related Person thereof, any amounts that such Unitholder or such Affiliate or related Person owes to the Company or any of its Subsidiaries may be offset or deducted from that sum before payment.
Offset Against Amounts Payable. No amounts that any Partner or any of its Affiliates or related Person owes or is alleged to owe to the Partnership or any of its Subsidiaries may be offset or deducted against any payments owed by the Partnership or its Subsidiaries.