provision

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provision

A term which, as used in UK medical practice, corresponds to one or more legal conditions/provisos written into a contract or financial arrangement, when a particular type of expense is anticipated but its actual and final cost is uncertain—e.g., clinical negligence liability.

Provisions are included in contracts to comply with the accounting principle of prudence. An estimate of the likely expense is charged to the income and expenditure account—for the Department, to the Operating Cost Statement—as soon as the issue comes to light, even though a cash payout might not occur for many years, if at all. The expense is matched by a balance-sheet provision entry showing the potential liability to the organisation.
References in classic literature ?
It was spread with a couple of small mattresses and some pillows; a box near by was plentifully stored with candles, provisions, and all the clothing necessary to their journey, which Cassy had arranged into bundles of an astonishingly small compass.
My object was to secure the only provision for her daughters which it was now possible to make.
So, sir," said Wemmick, smiling again, but seriously too, as he shook his head, "if you can suppose the little place besieged, it would hold out a devil of a time in point of provisions.
For the Squire's wife had died long ago, and the Red House was without that presence of the wife and mother which is the fountain of wholesome love and fear in parlour and kitchen; and this helped to account not only for there being more profusion than finished excellence in the holiday provisions, but also for the frequency with which the proud Squire condescended to preside in the parlour of the Rainbow rather than under the shadow of his own dark wainscot; perhaps, also, for the fact that his sons had turned out rather ill.
At length a Reverend Sire among them came, And of thir doings great dislike declar'd, And testifi'd against thir wayes; hee oft Frequented thir Assemblies, whereso met, Triumphs or Festivals, and to them preachd Conversion and Repentance, as to Souls In prison under Judgements imminent: But all in vain: which when he saw, he ceas'd Contending, and remov'd his Tents farr off; Then from the Mountain hewing Timber tall, Began to build a Vessel of huge bulk, Measur'd by Cubit, length, & breadth, and highth, Smeard round with Pitch, and in the side a dore Contriv'd, and of provisions laid in large For Man and Beast: when loe a wonder strange
Yet amid these accumulated distresses, the poor as well as the rich, the vulgar as well as the noble, in the event of a tournament, which was the grand spectacle of that age, felt as much interested as the half-starved citizen of Madrid, who has not a real left to buy provisions for his family, feels in the issue of a bull-feast.
With all this in our minds, we waded ashore as fast as we could, leaving behind us the poor jolly-boat and a good half of all our powder and provisions.
I put my cows and sheep into my coat-pockets, and got on board with all my little cargo of provisions.
The horses, the carriage, the coachman, the provisions, the luggage, the money required for the journey, the road to be taken (he had resolved not to go by train, so as to throw the ghost off the scent): all this had to be settled and provided for; and it occupied him until nine o'clock at night.
From this shop she went to a butcher's, a grocer's, and a poulterer's, till at last the porter exclaimed in despair, "My good lady, if you had only told me you were going to buy enough provisions to stock a town, I would have brought a horse, or rather a camel.
This place was able to afford us little consolation in our uneasy circumstances; the arrival of our company almost caused a scarcity of provisions.
Continue to execute all the express provisions of our National Constitution, and the Union will endure forever--it being impossible to destroy it except by some action not provided for in the instrument itself.

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