Common use of Set-off, Retention Clause in Contracts

Set-off, Retention. No Party, except as provided otherwise herein, shall be entitled (i) to set-off (aufrechnen) any rights and claims it may have against any rights or claims the other Party may have under this Agreement or (ii) to refuse to perform any obligation it may have under this Agreement on the grounds that it has a right of retention (Zuruckbehaltungsrecht) unless the rights or claims of the relevant Party claiming a right of set-off (Aufrechnung) or retention (Zuruckbehaltung) have been acknowledged (anerkannt) in writing by the relevant other Party/Parties or have been confirmed by final decision of a competent court (Gericht) or arbitration court (Schiedsgericht).

Set-off, Retention. No Party, except as provided otherwise herein, shall be entitled (i) to set-off (aufrechnen) any rights and or claims it may have against any rights or claims the other Party may have under this Agreement or (ii) to refuse to perform any obligation it may have under this Agreement on the grounds that it has a right of retention (ZuruckbehaltungsrechtZurückbehaltungsrecht) unless the rights or claims of the relevant Party claiming a right of set-off (Aufrechnung) or retention (ZuruckbehaltungZurückbehaltung) have been acknowledged (anerkannt) in writing by the relevant other Party/Parties Party or have been confirmed by a final decision of a competent court (Gericht) or arbitration court tribunal (Schiedsgericht).