set-off
C1CEFR level
68/100Rarity: rare
TechnicalRegister
Law noun
The right to reduce a sum owed by netting a cross-claim against the same party.
The buyer exercised set-off, deducting its warranty claim from the final instalment.
Business noun
The right to reduce a payment owed by deducting a countervailing claim.
The buyer negotiated a right of set-off against the escrow for any warranty breaches.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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