Definition
An offset agreement is an agreement between two parties whereby a supplier agrees to buy products from the party to whom it is selling, in order to win the buyer as a customer and offset the buyer's outlay. Generally the seller is a foreign company and the buyer is a government that stipulates that the seller must then agree to buy products from companies within their country. Often, the aim of this process is to even-up a country's balance of trade. This is frequently an integral part of international defense contracts.
Read more about this topic: Offset Agreement
Famous quotes containing the word definition:
“Mothers often are too easily intimidated by their children’s negative reactions...When the child cries or is unhappy, the mother reads this as meaning that she is a failure. This is why it is so important for a mother to know...that the process of growing up involves by definition things that her child is not going to like. Her job is not to create a bed of roses, but to help him learn how to pick his way through the thorns.”
—Elaine Heffner (20th century)
“Beauty, like all other qualities presented to human experience, is relative; and the definition of it becomes unmeaning and useless in proportion to its abstractness. To define beauty not in the most abstract, but in the most concrete terms possible, not to find a universal formula for it, but the formula which expresses most adequately this or that special manifestation of it, is the aim of the true student of aesthetics.”
—Walter Pater (1839–1894)
“Was man made stupid to see his own stupidity?
Is God by definition indifferent, beyond us all?
Is the eternal truth man’s fighting soul
Wherein the Beast ravens in its own avidity?”
—Richard Eberhart (b. 1904)