{"id":795,"date":"2018-02-25T14:00:00","date_gmt":"2018-02-25T13:00:00","guid":{"rendered":"https:\/\/hub.findingsimple.com\/au\/resources\/resource\/set-off-financing-transactions-toolkit\/"},"modified":"2020-06-03T07:49:41","modified_gmt":"2020-06-03T07:49:41","slug":"set-off-financing-transactions-toolkit","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit","title":{"rendered":"Set-Off in Financing Transactions [Toolkit]"},"content":{"rendered":"<p class=\"intro-paragraph\">Set-off allows one party to apply a debt owed to it by its counterparty to discharge all or part of a debt that it owes to that counterparty. Parties to financing transactions often rely on set-off to reduce their credit exposure to their counterparties.<\/p>\n<p>However, its a complex and often misunderstood area of the law. One complexity is that set-off rights can arise under common law, equity, statute or contract. Each different type of set-off can only be exercised under specific circumstances and has its own peculiar rules. To add to the veil of confusion, these different types are commonly referred to by different names.<\/p>\n<p>This Practical Law Australia Banking and Finance toolkit provides a collection of practical resources on its use in financing transactions, including:<\/p>\n<ul>\n<li><span style=\"color: #ff9900\"><strong>Practice note:<\/strong> <\/span>Set-off<\/li>\n<li><span style=\"color: #ff9900\"><strong>Standard clause:<\/strong> <\/span>Set-off (finance transactions)<\/li>\n<li><span style=\"color: #ff9900\"><strong>Standard clause:<\/strong><\/span> Set-off permitted for both parties (used in commercial agreements)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Set-off allows one party to apply a debt owed to it by its counterparty to discharge all or part of a debt that it owes to that counterparty. Parties to&hellip;<\/p>\n","protected":false},"author":46,"featured_media":796,"template":"","categories":[625],"tags":[154,156,339,426,428,474,493],"resource_type":[596],"insight_job_role":[598,614,628],"insight_practice_area":[571,582],"class_list":["entry","author-practicallawwritingteam","post-795","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-research-and-know-how","tag-corporate-transactions","tag-corporations-act","tag-legal-know-how","tag-practical-law-australia","tag-practice-notes","tag-set-off","tag-standard-clauses","resource_type-guide","insight_job_role-in-house-lawyer","insight_job_role-partner","insight_job_role-solicitor","insight_practice_area-banking-and-finance-law","insight_practice_area-company-law","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Set-Off in Financing Transactions [Toolkit] - TR - Legal Insight Australia<\/title>\n<meta name=\"description\" content=\"Set-off is a complex and often misunderstood area of the law. One complexity is that set-off rights can arise under common law, equity, statute or contract. Each different type of set-off can only be exercised under specific circumstances and has its own peculiar rules.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Set-Off in Financing Transactions [Toolkit] - TR - Legal Insight Australia\" \/>\n<meta property=\"og:description\" content=\"Set-off is a complex and often misunderstood area of the law. One complexity is that set-off rights can arise under common law, equity, statute or contract. Each different type of set-off can only be exercised under specific circumstances and has its own peculiar rules.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit\" \/>\n<meta property=\"og:site_name\" content=\"TR - Legal Insight Australia\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-03T07:49:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2019\/06\/set-off-toolkit-cover_image-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit\",\"url\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit\",\"name\":\"Set-Off in Financing Transactions [Toolkit] - TR - Legal Insight Australia\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/set-off-financing-transactions-toolkit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/legal\/wp-content\/uploads\/sites\/8\/2019\/06\/set-off-toolkit-cover_image-scaled.jpg\",\"datePublished\":\"2018-02-25T13:00:00+00:00\",\"dateModified\":\"2020-06-03T07:49:41+00:00\",\"description\":\"Set-off is a complex and often misunderstood area of the law. 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