What is the meaning of provisions in law?

What is the meaning of provisions in law?

provision noun (LAW) 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.

How do you use provision?

The project brings together expertise in teaching and library provision.

  1. The local provision of facilities is decidedly patchy.
  2. Provision of shelter was their main concern.
  3. The provision of specialist teachers is being increased.
  4. Several firms are responsible for the provision of cleaning services.

Which of the following is the definition of provision?

Define a provision. A provision is a liability of uncertain timing or amount. A liability is a present obligation arising from past events, the settlement of which is expected to result in an outflow of economic benefits. A provision can only be recognised if it meets the definition of a liability.

What is meaning of provision in accounting?

Provisions essentially refer to any funds set aside from company profits for this express purpose. To qualify as a provision in accounting, the funds must be for a specific purpose, such as to offset the decrease in an asset’s value.

What are the types of provision?

Types of provisions in accounting

  • Guarantees.
  • Losses.
  • Pensions.
  • Severance payments.
  • Deferred tax payments.
  • Restructuring liabilities.
  • Depreciation costs.
  • Asset impairments.

Is provision same as section in law?

‘Section’ – generally refers to statutory provisions.

What are provisions in an agreement?

What Is a Contract Provision? 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 put provisions in a sentence?

Provisions sentence example

  1. The princess too had prepared provisions for Pierre’s journey.
  2. Royal officials must pay for the corn and provisions which they take on behalf of the king.
  3. There are a number of unusual provisions in the constitution of Nevada.
  4. These provisions were later strengthened by Clement VII.

What is the sentence of provisions?

1. The campers got their provisions at the village shop. 2. Provisions may be purchased from the mini-market.

What does the name provision mean?

From Old French provision, from Latin prōvīsiō (“preparation, foresight”), from prōvidēre (“provide”). An item of goods or supplies, especially food, obtained for future use. The act of providing, or making previous preparation. Money set aside for a future event.

What does make provision for mean?

To make provision for something is to provide what is necessary for that thing to come about, exist, or continue to exist. It is similar to the idea of the providence of God. God has provided everything necessary for us to come into this world (Genesis 4:1; Psalm 139:13-15), to live (Acts 17:28),…

What is the meaning of provisions?

Definition of provision. (Entry 1 of 2) 1a : the act or process of providing. b : the fact or state of being prepared beforehand. c : a measure taken beforehand to deal with a need or contingency : preparation made provision for replacements. 2 : a stock of needed materials or supplies especially : a stock of food —usually used in plural.

What does provision mean in court?

In a legal document, a provision is typically a dedicated section that describes or specifies an action or condition. It might include words like “shall” or “shall not” (although that is not a requirement). But here’s the catch. Relevant information isn’t always entirely contained within the sentences of the “provision”.