What is another name for Article 27, commonly known as the Right of Set Off?

The Right of Set Off, as outlined in Article 27, is a provision that allows one party to deduct or set off amounts owed against any claims or debts held by another party. This mechanism is particularly relevant in contracts where one party has a financial obligation towards the other, but also has a claim for damages or other considerations that can offset what is owed.

Referring to it as the Set Off Provision provides clarity and direct association with its purpose in the context of contractual agreements. It reflects the essence of allowing deductions and the ability to balance debts owed and claims, which is crucial in NBA contracts for ensuring that financial dealings are fair and clear.

The other options do not accurately represent the specific function of Article 27. The Waiver Provision does not align with the idea of offsetting debts; rather, it typically relates to relinquishing a right. The Termination Clause involves ending a contract rather than adjusting financial transactions. The Contract Adjustment Clause may imply modifications to the terms of the agreement but does not specifically denote the right to offset amounts owed. Therefore, the designation as the Set Off Provision is the most appropriate and recognizable term for this particular provision in contract law.