Delay and offsetting of funds are two significant and powerful tools available to parties in various business engagements. They are found in contracts, bills of lading and other documents and are legally valid even if there is no explicit clause in the agreement.
Do you owe me money? You will not receive the container I’m forwarding for you. Did you harm me? I will deduct from the amount I owe you.
What we discussed:
• What is a delay?
• What is an offset?
• Are they regulated by law?
• Does an agreement between the parties overcome the law?
