precedent Meaning in Cambridge Business English Dictionary
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Meaning of "precedent" - Business English Dictionary

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precedent

noun [C]
 
 
/ˈpresɪdənt/
LAW a previous action or decision that can be used as a reason for allowing something else: The ruling can serve as a precedent to challenge other similar cases. A judgement against the fund could set a precedent for compensation payments to more of its 6,000 investors. This is an experiment without precedent in economic history.a bad/dangerous/good precedent This law sets a very dangerous precedent for all businesses. create/establish/provide a precedent a legal precedent base sth on/follow a precedent →  See also condition precedent
(Definition of precedent from the Cambridge Business English Dictionary © Cambridge University Press)
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