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To pay back money that is owed.

Let me know how much my share is and I'll square up with you tomorrow.

Additional definitions for 'square up':

square upTo get ready for a fight.
square upTo get in the fighting position.
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"square up." Phrases.net. STANDS4 LLC, 2018. Web. 17 Jan. 2018. <http://www.phrases.net/phrase/square-up_1399>.

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