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English definition of “provision”

provision

noun
 
 
/prəˈvɪʒən/
[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
(Definition of provision noun from the Cambridge Business English Dictionary © Cambridge University Press)
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