Set-Off Agreement

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This Set-Off Agreement is for use when two parties agree to set off indebtedness owed to each other. This agreement can easily be tailored to fit your unique needs.

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This Set-Off Agreement is between two parties who are indebted to each other and agree to set-off the full amount of one party's indebtedness. This agreement sets out the names and addresses of both parties, the amounts and dates of any agreements between the parties and the parties desire to set-off the indebtedness. It is imperative that this agreement be clearly set out in writing. A written Set-Off Agreement will prove invaluable in the event there are disagreements or misunderstandings surrounding the transaction.

This Set-Off Agreement contains the following:
  • Parties: Names of both parties to this transaction;
  • Agreement Information: Sets out the type, date and amount of agreement between the first and second parties, as well as the agreement between the second and first party;
  • Aggregate Amounts: Sets forth the aggregate amounts of both agreements which will be set-off and any difference which is due.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Set-Off Agreement
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Set-Off Agreement

 

THIS AGREEMENT made as of [Date of Agreement (ie. July 1, 2002)] between [Name of 1st Party] ("Party 1") of [Address of Party 1] and [Name of 2nd Party] ("Party 2") of [Address of Party 2].
WHEREAS:
(A)   Pursuant to a [Agreement creating Indebtedness owing by Party 1 to Party 2 (ie. Share Purchase Agreement dated April 12, 2002 between Party 1 as Buyer and Party 2 as Seller)] Party 1 became indebted to Party 2 in the original amount of [Original Indebtedness of Party 1 to Party 2] (the "Party 1 Indebtedness");
(B)   As of the date hereof, the aggregate amount of the Party 1 Indebtedness is [Aggregate Amount of Party 1 Indebtedness as of the Date of this Agreement (ie. $25,000.00)];
(C)   Pursuant to a [Agreement creating Indebtedness owing by Party 2 to Party 1 (ie. Promissory Note from Party 2 to Party 1 in the amount of [______________] dated May 18, 2002)] Party 2 became indebted to Party 1 in the original amount of [Original Indebtedness of Party 2 to Party 1] (the "Party 2 Indebtedness");
(D)   As of the date hereof, the aggregate amount of the Party 2 Indebtedness is [Aggregate Amount of Party 2 Indebtedness as of the Date of this Agreement (ie. $18,000.00)];
(E)   The parties hereto wish to set-off the full amount of the Party 1 Indebtedness against the Party 2 Indebtedness, to the fullest extent possible;
NOW THEREFORE in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The parties acknowledge and agree that the recitals above are true and correct in all material respects.
2.   The parties hereby set-off the full amount of the Party 1 Indebtedness against the Party 2 Indebtedness, to the fullest extent possible.
3.   The difference of [Difference between Party 1 Indebtedness and Party 2 Indebtednes (ie. $7,000)] shall be paid by  to  by cash or certified check concurrently with the execution of this Agreement.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date first written above.
 
 
 
 
Witness
 
[NAME OF PARTY 1]
 
 
 
 
Witness
 
[NAME OF PARTY 2]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28674
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Set-Off Agreement

 

THIS AGREEMENT made as of [Date of Agreement (ie. July 1, 2002)] between [Name of 1st Party] ("Party 1") of [Address of Party 1] and [Name of 2nd Party] ("Party 2") of [Address of Party 2].
WHEREAS:
(A)   Pursuant to a [Agreement creating Indebtedness owing by Party 1 to Party 2 (ie. Share Purchase Agreement dated April 12, 2002 between Party 1 as Buyer and Party 2 as Seller)] Party 1 became indebted to Party 2 in the original amount of [Original Indebtedness of Party 1 to Party 2] (the "Party 1 Indebtedness");
(B)   As of the date hereof, the aggregate amount of the Party 1 Indebtedness is [Aggregate Amount of Party 1 Indebtedness as of the Date of this Agreement (ie. $25,000.00)];
(C)   Pursuant to a [Agreement creating Indebtedness owing by Party 2 to Party 1 (ie. Promissory Note from Party 2 to Party 1 in the amount of [______________] dated May 18, 2002)] Party 2 became indebted to Party 1 in the original amount of [Original Indebtedness of Party 2 to Party 1] (the "Party 2 Indebtedness");
(D)   As of the date hereof, the aggregate amount of the Party 2 Indebtedness is [Aggregate Amount of Party 2 Indebtedness as of the Date of this Agreement (ie. $18,000.00)];
(E)   The parties hereto wish to set-off the full amount of the Party 1 Indebtedness against the Party 2 Indebtedness, to the fullest extent possible;
NOW THEREFORE in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The parties acknowledge and agree that the recitals above are true and correct in all material respects.
2.   The parties hereby set-off the full amount of the Party 1 Indebtedness against the Party 2 Indebtedness, to the fullest extent possible.
3.   The difference of [Difference between Party 1 Indebtedness and Party 2 Indebtednes (ie. $7,000)] shall be paid by  to  by cash or certified check concurrently with the execution of this Agreement.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date first written above.
 
 
 
 
Witness
 
[NAME OF PARTY 1]
 
 
 
 
Witness
 
[NAME OF PARTY 2]
 
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