Offset of Payments Clause Samples
The Offset of Payments clause allows one party to deduct amounts owed to them by the other party from payments they are required to make under the agreement. In practice, if Party A owes Party B $1,000 but is also owed $200 by Party B, Party A can subtract the $200 from their payment and only pay $800. This clause streamlines financial transactions between parties by reducing the need for separate payments and helps prevent unnecessary cash flow exchanges, ultimately minimizing administrative burden and the risk of non-payment.
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Offset of Payments. All monies due either the Ceding Company or the Reinsurer under this Agreement will be offset against each other, dollar for dollar, regardless of any insolvency of either party. However, in the event of an insolvency, offsets will be allowed in accordance with Bermuda law, or the statutory, common and case laws of the state taking jurisdiction over the insolvency as such Bermuda law, or statutory, common and case law exists as of the Effective Date of this Agreement.
Offset of Payments. You authorize the Company, where permitted by applicable law and Section 409A of the Code, to offset any payment the Company owes you by the amount determined by the Company to be owed by you to the Company.
Offset of Payments. All monies due either the Ceding Company or the Reinsurer under this Agreement or any other reinsurance agreements between the parties will be offset against each other, dollar for dollar, regardless of any insolvency of either party. However, in the event of an insolvency, offsets will be allowed in accordance with the statutory, common and case laws of the state taking jurisdiction over the insolvency.
Offset of Payments. All monies due either the Ceding Company or the ------------------ Reinsurer under this Agreement will be offset against each other, dollar for dollar, regardless of any insolvency of either party.
Offset of Payments. To the extent allowed by the applicable law or the appropriate regulatory official having jurisdiction and control over the affairs of the parties, and in addition to any other remedies provided under this Agreement, and subject to this Article 6, each party shall have, and may exercise at any time and from time to time, the right to offset any balance or balances, due from one party to the other party under this Agreement. However, such right of offset shall be limited solely to amounts that may become due and payable pursuant to this Agreement.
Offset of Payments. Any debts or credits, liquidated or unliquidated, in favor of or against either the Company or the Reinsurer with respect to this Agreement only shall be set-off and only the balance shall be allowed or paid.
Offset of Payments. All monies due either the Cedent or the Reinsurer under this Agreement shall be offset against each other, dollar for dollar, regardless of any insolvency of either party.
Offset of Payments. All monies due to either the Company or the Reinsurer under this Agreement may be offset against each other, dollar for dollar, regardless of any insolvency of either party.
Offset of Payments. All payment obligations, debts or credits, due or otherwise accrued in favor of or against either the Ceding Company or the Reinsurer under or with respect to this Agreement are deemed mutual debts or credits as the case may be, and shall automatically, without any further action required of either party, be offset and/or recouped, and only the balance shall be allowed or paid. This Paragraph will not be affected, modified or reconstrued due to the insolvency, liquidation, rehabilitation, conservatorship or receivership of either party, and set off and recoupment hereunder shall be permitted and enforced to the maximum extent provided under Applicable Law.
Offset of Payments. All monies due either the Ceding Company or the Reinsurer under this Agreement or any other agreements between the parties will be offset against each other, dollar for dollar, regardless of any insolvency of either party. However, in the event of an insolvency of the Reinsurer, offsets will be allowed in accordance with Bermuda laws as such law exists as of the Effective Date of this Agreement In the event of insolvency of the Ceding Company, offsets will be allowed in accordance with the statutory, common and case laws of the state taking jurisdiction over the insolvency as such laws exist as of the Effective Date of this Agreement.