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 periodicals archive ?
In progressive provisioners, e.g., most species of Bembix, because providers directly feed larvae, the development of each offspring can be monitored, and the total provision mass given to them can be adjusted accordingly (Evans & O'Neill 2007).
In Peter's particular situation, the role of provisioner had been markedly curtailed by Marie's cognitive illness.
In these capacities, they acted as independent provisioners to the fur trade.
The retraction of the latter rested on privatizations of previously publicly owned service provisioners.
The three service providers were an unnamed northwest telecomms provider, convention communications provider Convention Communication Provisioners Inc and Utah-based company Ready WiFi.
The canals, roads, and railroads required workers for construction and maintenance and spawned service industries to facilitate them (provisioners, hotels, repairs, stables, etc.) Moreover, this was a time of general population restlessness, as immigrants and workers, alone and with their families, continuously moved about in search of work, land, and opportunity.