provision
noun
uk/prəˈvɪʒən/ us [ C or U ] ACCOUNTING, FINANCE
in a company's accounts, an amount of money that is kept in case of a possible future loss or debt:
The insurance company made a provision against claims over alleged pension fraud.
a provision for sth The finance director revealed a $47m provision for finding and compensating victims of bad pensions advice.
[ C or U ] LAW
a part of a legal document that states that something must happen or be done:
Employees may be asked to go to a new and different place of work under the provisions of a mobility clause.
include/contain a provision Many contracts currently include a provision prohibiting supervisors from doing work done by union workers.
anti-fraud/registration provisions
statutory/legal provisions
[ U ]
the act of selling goods or services or making them available to be used:
The Group remains fully committed to the provision of mortgage finance to individuals.
service/pension/retirement provision
make provision(s) (for sth)
to make plans for dealing with something that will or may happen in the future:
If companies are to succeed in the long term, they must make provisions for coping with a diverse international marketplace.
See also
bad debt provision
call provision
restructuring provision
sunset provision
tax provision
provision
verb [ I or T ]
uk/prəˈvɪʒən/ us ACCOUNTING, FINANCE
to keep an amount of money available to be used in case of a possible future loss or debt:
The company has revealed that it has provisioned £235m for asbestos-related claims.