Provision

1. Accounting. A form of liability where there is uncertainty as to the amount and timing of final settlement.

2. Law. A significant individual part of a law, for example a Section in an Act of Parliament.

3. Contract law. A significant individual part of a contract, for example a clause or a term in a contract.

See also

• Accrual
• Bad debt provision
• Book reserve
• FRS 12
• Liabilities
• Term