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Legal Dictionary

provision

Definition of provision

Pronunciation

  • (UK) IPA: /pɹəˈvɪʒ.ən/, SAMPA: /pr@"vIZ.@n/
  • Audio (US) [?]

Etymology

    From Old French provision.

Noun

provision (plural provisions)

  1. An item of goods or supplies obtained for future use.
  2. Money set aside for a future event.
  3. (accounting) A liability or contra account to recognise likely future adverse events associated with current transactions.

    We increased our provision for bad debts on credit sales going into the recession.

Verb

to provision (third-person singular simple present provisions, present participle provisioning, simple past and past participle provisioned)

  1. To supply with provisions.

Synonyms

  • supply
  • victual

Related terms

  • provisional
  • provide

References:

  1. Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.



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