1.01 Set-off is generally defined as a mechanism by which two (or more) claims, which are reciprocally opposed, can be extinguished up to the level of the smaller amount if the requirements of the applicable law are met. 1.02 The mechanism may seem very simple, especially when parties agree on ways to set-off or discharge their reciprocal claims, be it through set-off by agreement or by a sophisticated regime of netting clauses. Set-off, and particularly conventional set-off, is thus part of the everyday life of commercial matters. 1.03 Parties, however, do not...
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