set-off(This provision is usually contained in a payments clause. ‘Set-off'generally means ‘deduction'. It occurs when party A to the contract is obliged to pay party B a sum of money, but party B also owes party A a smaller sum. In such a situation, it may be agreed that party A will deduct from the sum to be paid to party B the amount that party B owes to party A. LE2 Alexander Demidov)
