on account of any set-off

[apoziopeza]

Hi,

Please advise, what is the meaning of "on account of" any set-off? Is it the opposite of "any deduction"?

Thanks,

A.


Source - Ownership Interest Transfer Agreement.

No Set-Off. Except as expressly provided herein, all payments to be made by any Party hereunder shall be calculated without reference to any set-off or counterclaim and shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim

 

[Barque]

On account of = By reason of.

If I have to pay you $100, and you owe me $20, I can't deduct the $20 from the money I have to pay you (I can't set off what you owe to me). I have to pay you $100 and claim the $20 separately.