Introduction

[Revised version October 2012] - The well-known importance of set-off and counterclaims is further increased under the current economic uncertainties and credit crunch, even more in international trade and business. A successful set-off may satisfy both parties, put an end to the dispute for the lower debt, avoid further and costly litigation in various jurisdictions. Similarly, though differently, counterclaims allow a respondent to seek satisfaction through its claim in the same proceedings initiated by claimant, again avoiding further litigation in various ...