provision: translation
provision pro‧vi‧sion [prəˈvɪʒn] noun
1. [uncountable] the act of providing something that someone needs:
• the provision of childcare facilities at work
• provision for people with disabilities
2. make provision( s) to make plans for future needs:
make provision( s) for
• People should be encouraged to make provision for themselves and their families; state support should only provide a safety net for the very poor.
3. [countable, uncountable] LAW a part of a law, contract, agreement etc that relates to a particular subject:
• Under the document, there was provision for the improvement of hospital standards.
ˈcall proˌvision [countable] FINANCE
1. a part of a contract for a bond that allows the seller to buy back the bond early:
• Before buying a bond, you should always ask your broker if there is a call provision and, if so, when and under what circumstances the bond can be called.
2. a part of a loan agreement that allows the lender to ask for payment of the full amount of the loan early, if payments have not been made, or if a business is not achieving expected results:
• In recent years, a third of the value of small commercial loans have included a call provision.
ˈgrandfather proˌvision [countable] LAW
when new rules are introduced, the right for existing organizations etc to continue to use the old rules:
• The SEC prohibited public firms from issuing multiple classes of stock with unequal voting rights, but there was a grandfather provision allowing companies with two classes of stock already in place to keep them.
4. [countable] ACCOUNTING an amount set aside by a company in its accounts to protect it against something bad that has happened or that might happen in the future. This amount has to be taken away in calculating profit for a particular period of time:
grandfather provision to
• The company made a provision to cover the costs of 4000 job cuts.
• The bank took (= made ) provisions to comply with tougher regulatory standards.
ˌbad ˈdebt proˌvision [countable] ACCOUNTING
amounts in a company's accounts showing the likely level of bad debts in a particular period of time that will have to be taken away when calculating profits; = bad debt reserves AmE:
• Phoenix Technologies said its loss widened in the third quarter, partly because of an increase in bad debt provisions.
ˌloan-ˈloss proˌvision also ˌbad ˈloan proˌvision [countable] ACCOUNTING BANKING
a provision made by a bank for loans that will probably not be repaid:
• The bank set a loan-loss provision of $56 million, primarily for bad commercial real estate loans.
reˈstructuring proˌvision [countable] ACCOUNTING
a provision to take account of the probable cost of reorganizing a company, reducing the number of employees etc:
• Trinova set a restructuring provision to cover the sale of some assets.
ˈtax proˌvision [countable] ACCOUNTING
a provision for tax that a company will probably have to pay:
• C&W expects taxes to be higher both in the UK and Hong Kong, so the tax provision was raised to £74 million from £57 million.
* * *
Ⅰ.
provision UK US /prəˈvɪʒən/ noun
► [
C or
U]
ACCOUNTING,
FINANCE »
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 »
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 Group remains fully committed to the provision of mortgage finance to individuals.
»
service/pension/retirement provision
● make provision(s) (for sth) — Cf. make provisions for sth
→ See also BAD DEBT PROVISION(Cf. ↑bad debt provision), CALL PROVISION(Cf. ↑call provision), RESTRUCTURING PROVISION(Cf. ↑restructuring provision), SUNSET PROVISION(Cf. ↑sunset provision), TAX PROVISION(Cf. ↑tax provision)
Ⅱ.
provision UK US /prəˈvɪʒən/ verb [I or T]
► ACCOUNTING,
FINANCE »
The company has revealed that it has provisioned £235m for asbestos-related claims.