Principle Of Set Off

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  • 10 Principles of Economics - Wikiversity

    A special example of a trade-off is the trade-off between efficiency and equality. Definition of efficiency: the property of society getting the maximum benefits from its scarce resources. Definition of equality: the property of distributing economic prosperity fairly among the members of society.

  • Article 8.1 (Conditions of set-off) - UNIDROIT

    UNIDROIT Principles for International Commercial Contracts, 2010. (1) Where two parties owe each other money or other performances of the same kind, either of them ("the first party") may set off its obligation against that of its obligee ("the other party") if at the time of set-off,

  • Acts Online News » Regulator takes Standard Bank to court .

    Jan 18, 2017 · "Our interpretation is that the common law rule of set-off can be applied because section 124 of the National Credit Act does not replace or amend this rule," Standard Bank said. "FNB applies the principles of common law set-off in accordance with legal advice obtained," said Hannalie Crous, head of retail credit at FNB.

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  • Set-off legal definition of set-off - Legal Dictionary

    The remedy of recoupment is similar in effect to a set-off but differs from it in several respects. Whereas a set-off is based on a different claim, recoupment is a common-law remedy based specifically on the contract between the plaintiff and defendant that gave rise to the suit.

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  • Set on and set off of allocable surplus

    [Set on and set off of allocable surplus. . The principle of set on and set off as illustrated in the Fourth Schedule shall apply to all other cases not covered by sub-section (1) or sub-section (2) for the purpose of payment of bonus under this Act.

  • LIQUIDATION SET-OFF: THE MUTUALITY PRINCIPLE AND .

    The basis of the decision was that, once BCCI went into liquidation, the only form of set-off available was that provided for by Rule 4.90 of the Insolvency Rules 1986. This the court viewed as a narrow statutory exception to the principle that, in a winding up, the assets of a company must be applied in paying its creditors pari passu .

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  • Lean manufacturing principles - Process Street

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  • Set-off (law) - Wikipedia

    Feb 01, 2017 · Set-off allows the termination of obligations without an exchange of performance. Where parties are indebted to one another, set-off operates automatically under the common law when the requirements for set-off are satisfied. Under sections 90 and 124 of the National Credit Act (NCA), the process is not automatic and is more cumbersome and onerous on the credit provider.

  • Acts Online News » Regulator takes Standard Bank to court .

    Jan 18, 2017 · "Our interpretation is that the common law rule of set-off can be applied because section 124 of the National Credit Act does not replace or amend this rule," Standard Bank said. "FNB applies the principles of common law set-off in accordance with legal advice obtained," said Hannalie Crous, head of retail credit at FNB.

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  • Asset and liability offsetting - IAS Plus

    The IASB considered areas of diversity in practice identified during the offsetting project including (1) the meaning of 'currently has a legally enforceable right of set-off' (2) the application of the simultaneous settlement criterion (3) the treatment of collateral and margin and (4) issues around unit of account. The Board also considered the effective date and transition of the amendments.

  • Generally Accepted Accounting Principles

    Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC).

  • A Bankers Right to Set Off Money - Law Teacher

    The right to set-off also helps to determine the current and the existing status between the banker and the customer by combining all the debit and the credit balances that is available to the bank . Hence, in popular parlance, this right is also referred to as the 'right of combination'. A. Bankers right to set off – An automatic right

  • Cliffe Dekker Hofmeyr - Debt reduction by way of set-off

    Debt reduction by way of set-off. Share page The South African Revenue Service (SARS) published Binding Private Ruling No. 193 (BPR 193) on 15 June 2015, which deals with the repayment of a shareholder loan by way of set-off with an outstanding loan under a subscription agreement.

  • What is right of set off? – Banking School

    can a Bank exercise right to set-off in the following way. a) debit unutilised limit of an OD account which is already in debit to set-off a debt. b) The amount has been debited without raising a demand and without intimating about the intention.

  • Principle | Definition of Principle by Merriam-Webster

    principle: [noun] a comprehensive and fundamental law, doctrine, or assumption. a rule or code of conduct. habitual devotion to right principles. the laws or .

  • Accounting Principles Definition - Investopedia

    Sep 30, 2019 · Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is .

  • Set-off on the right foot: a practical guide to set-off .

    Set-off on the right foot: a practical guide to set-off. . The current case law on the principles of equitable set-off are from Geldof Metaalconstructie NV v Simon Carves Ltd [2010] EWCA Civ 667 in which the Court of Appeal provided guidance on the rules of equitable set-off.

  • Limitations to the right of set off - HWL Ebsworth Lawyers

    The starting proposition was the finding that section 553C is a code that regulates set off in a liquidation. Hamersley maintained that it was entitled to rely on the set off contained in the contracts and, separately, it had an equitable right of set off.

  • Principle of Indemnity: Definition and How it Works in .

    Excess, Franchise and Average – their impact of the Principle of Indemnity. It has already been explained that indemnity is provided subject to certain terms and conditions of the policy. In this context, the above three terminologies are important because they do create an impact on the principle of indemnity. Excess

  • Right of Setoff(Banking) Law and Legal Definition .

    Right of Setoff(Banking) Law and Legal Definition. In order to cover a loan in default, a bank has a legal right to seize funds of a guarantor or the debtor. A settlement of mutual debt between a creditor and a debtor through offsetting transaction claims is also known as setoff. Through this settlement, a creditor can collect a greater amount .

  • Environmental law - Principles of environmental law .

    Environmental law - Environmental law - Principles of environmental law: The design and application of modern environmental law have been shaped by a set of principles and concepts outlined in publications such as Our Common Future (1987), published by the World Commission on Environment and Development, and the Earth Summit's Rio Declaration (1992). As discussed above, environmental law .

  • Consumer Note 5 Set-Off

    principle known as set-off. In summary, the legal principle is that if A owes B R100 and B owes A R50 then A can deduct the R50 owed to him by B and only pay R50 to B in settlement of the debt. A has thus set-off R50 from the debt he owes to B. There are several legal requirements, exceptions etc. for this principle but this is the essence of it.

  • Set-Off Industry Standard Policies, Practices, Principles .

    Set-Off Industry Standard Policies, Practices, Principles and Procedures Important in Banking Litigation. Renowned nationwide banking expert witness consultant, former high-level banker and governmental banking regulator Don Coker explains some important issues in the often misunderstood procedure of Set-Off as it arises in banking litigation .

  • Offset printing - Wikipedia

    Offset printing is a commonly used printing technique in which the inked image is transferred (or "offset") from a plate to a rubber blanket, then to the printing surface. When used in combination with the lithographic process, which is based on the repulsion of oil and water, the offset technique employs a flat (planographic) image carrier.Ink rollers transfer ink to the image areas of the .

  • Meaning Of Set On & Set Off In Payment Of Bonus Act - CiteHR

    (3) The principle of set on and set off as illustrated in the forth schedule shall apply to all other cases not coved by sub-sec.(1) or sub-sec. (2) for the purpose of payment of bonus under this act.