What does PROVISION mean?

Each provision specifies what needs to be done or complied with, often requiring action by a certain date or within a specified period. Common types of provisions in contracts include payment terms, confidentiality agreements, termination clauses, and dispute resolution procedures. Each of these helps define how the contract will operate and what is provision what happens in various situations. Interpreting statutory provisions involves examining the text within the context of the entire statute. Courts often apply principles of statutory construction, such as the plain meaning rule, to discern legislative intent. This approach was evident in Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., where the U.S.

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Provision in law refers to a clause or section in a legal document, such as a contract, statute, or regulation, that sets out a specific requirement, condition, or limitation. If you’re looking to delve deeper into the world of law and understand the provision of meaning in legal matters, there’s an insightful article on personal injury law that you might find interesting. This article explores the intricacies of personal injury cases and how the provision of meaning plays a crucial role in determining liability and compensation.

A provision, or clause, is a specific rule or condition included in a legal document that outlines what is expected or required from the parties involved. Contractual provisions are also subject to judicial examination, particularly when disputes arise over their meaning or enforceability. Courts evaluate whether provisions were mutually agreed upon and meet legal standards. In complex contract disputes, judges assess whether the provisions were drafted with sufficient clarity to avoid misunderstanding, as seen in Hoffman v. Red Owl Stores.

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How to say PROVISION in sign language?

On the other hand, “provision” also has Latin roots, coming from the word “provisio,” which means a foreseeing or looking ahead. This ties into its meaning of making preparations for future needs or events. Provide and provision are two words that are often used interchangeably, but they have slightly different meanings. Provide typically refers to giving something to someone or making it available to them, while provision refers to the act of supplying or making preparations for something.

Contract provisions are fundamental because they establish the framework for how an agreement will operate, ensuring clarity and enforceability. They clarify the parties’ intentions, defining the precise scope of the agreement and outlining specific obligations. Well-defined provisions help prevent misunderstandings by explicitly stating expectations, which aids shared understanding. In conclusion, understanding provisions in law is crucial for effective legal writing, argumentation, interpretation, and compliance. It ensures clarity, fairness, and efficiency in the application of the law.

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• Provisions help clarify the responsibilities and rights of everyone involved, making it easier to understand what is allowed and what isn’t.
• These stipulations can be found in various legal documents, including loan agreements or purchase contracts.

Our Best Historical Slang Terms

• Now, $20000 is debited under Income Statement, and a separate provision account is created in the Balance Sheet equivalent to the same amount.
• Thus Bank A will create a Provision of $56000 by debiting its Income Statement and creating liability under the head Provisions in the Balance Sheet Account.
• Provisions are recognized on the balance sheet, but contingent liabilities are included in the footnotes only.
• Statutory provisions are enacted by legislative bodies such as parliaments or congresses and have the force of law.
• Provisions within statutes serve as the building blocks of legislative texts, articulating mandates and authorities governing activities and relationships.

They establish the rules, requirements, and conditions that individuals and entities must follow. Statutory provisions are enacted by legislative bodies such as parliaments or congresses and have the force of law. They can specify how payments should be made, what happens if someone breaks the agreement, or even how disputes will be resolved. By including these details, the parties can avoid misunderstandings later on. A provision in the contract might state that the contractor must finish the work by a certain date. This helps ensure that everyone is on the same page and knows what to expect.

It can also lead to non-compliance with legal requirements, which may result in penalties or legal liability. According to the Cambridge Unabridged Dictionary of the English Language and many others like American Heritage and Collins English Dictionary, there are many definitions of provision. Though both these terms are used for the funds kept aside for future obligations and expenses, there is still a difference between them. The accountant for Arbuthnot Enterprises reviews the latest report of the inventory oversight committee, and notes that they have identified $30,000 of inventory that is likely to be obsolete.

When ambiguities arise, courts may consider legislative history to ensure provisions align with the statute’s objectives. Common items detailed in an ETR reconciliation include the effect of state and local income taxes, net of any federal tax benefit. Permanent differences also feature prominently; for instance, non-deductible expenses increase the ETR, while tax-exempt income lowers it. A disclosure accompanying the tax provision is the effective tax rate (ETR) reconciliation. The ETR is calculated by dividing the company’s total income tax provision by its pre-tax book income. This percentage often differs from the statutory U.S. federal income tax rate of 21%, and the reconciliation explains why this difference exists.