Common use of SET OFF CLAUSE Clause in Contracts

SET OFF CLAUSE. 12.1 In the event any sum of money or claim becomes recoverable from or payable by the Universal Service Provider to the Administrator either against the Agreement or otherwise in any manner, such money or claim can be ( without restricting any right of set off for counter claim given or employed by law ) deducted or adjusted against any amount or sum of money then due or which at any time thereafter may become due to the Universal Service Provider under this Agreement or any other Agreement or Contract between the Administrator and the Universal Service Provider. 12.2 The aforesaid sum of money payable to the Universal Service Provider shall include any valuable security, which can be converted into money. 12.3 After exercising the right of set off, a notice shall always be given immediately within seven days by the Administrator to the Universal Service Provider.

SET OFF CLAUSE. 12.1 13.1 In the event any sum of money or claim becomes recoverable from or payable by the Universal Service Provider to the Administrator either against the Agreement or otherwise in any manner, such money or claim can be ( (without restricting any right of set off for counter claim given or employed by law law) deducted or adjusted against any amount or sum of money then due or which at any time thereafter may become due to the Universal Service Provider under this Agreement or any other Agreement or Contract between the Administrator and the Universal Service Provider. 12.2 13.2 The aforesaid sum of money payable to the Universal Service Provider shall include any valuable security, which can be converted into money. 12.3 13.3 After exercising the right of set off, a notice shall always be given immediately within seven days by the Administrator to the Universal Service Provider.