What Is A Provision In Legal Terms?

What are the types of provisions?

Types of provision in accountingRestructuring Liabilities.Provisions for bad debts.Guarantees.Depreciation.Accruals.Pension..

What are the provisions of a bill?

Substantive provisions. Following the introductory language are the substantive provisions of the bill. A bill may include a short title, a statement of policy or purpose, definitions, principal operative provisions, and enforcement provisions.

What is key provision?

An article, clause, or stipulation in an agreement, contract, deed, instrument, or statute that explains a specific condition, effect, implication, qualification, or requirement. … The client made certain that his lawyer put a provision into the agreement that allowed him to make changes to any property that he procured.

What are general provisions in a contract?

General contract provisions are requirements including standard conditions in contracts like terms of payment, terms of delivery, and recommended measures against contract violation. Parties usually add boilerplate conditions to their contracts for the following reasons: For increased efficiency.

What is an example of a provision?

Examples of provisions include accruals, asset impairments, bad debts, depreciation, doubtful debts, guarantees (product warranties), income taxes, inventory obsolescence, pension, restructuring liabilities and sales allowances. Often provision amounts need to be estimated.

What is provision in a contract?

A contract provision is a stipulation within a contract, legal document, or a law. A contract provision often requires action by a specific date or within a specified period of time. Contract provisions are intended to protect the interests of one or both parties in a contract.

How do you use provision?

Provisions sentence examplesRoyal officials must pay for the corn and provisions which they take on behalf of the king. … The princess too had prepared provisions for Pierre’s journey. … There are a number of unusual provisions in the constitution of Nevada. … These provisions were later strengthened by Clement VII.More items…

How does a provision work?

Definition: A provision is an amount set aside for the probable, but uncertain, economic obligations of an enterprise. A provision is an amount that you put in aside in your accounts to cover a future liability. … When accounting, provisions are recognized on the balance sheet and then expensed on the income statement.

What is the provision app?

Provision CAM App For Android & iOS Smartphones Provision Cam2 is a free application for iOS & Android devices. It is compatible with all NVRs, DVRs and static IP Cameras.

What are provisions in food?

noun. the act of supplying or providing food, etc. something that is supplied or provided. preparations made beforehand (esp in the phrase make provision for)

a statement within an agreement or a law that a particular thing must happen or be done, especially before another can happen or be done: We have inserted certain provisions into the treaty to safeguard foreign workers.

What is provision of an act?

A provision of an Act or instrument is any words or anything else that forms part of the Act or instrument. Examples—provisions consisting of groups of words. sections, subsections, paragraphs, subparagraphs, sub-subparagraphs, examples.