a) is an exception to a regulation, a detachment from a business unit, or an additional agreement that was reached on the basis of the primary agreement between two parties.
b) (In Collective bargaining) is an attempt made by a subdivision of employees that belong to one union to create a distinct, independent entity that will represent a different union.
c) (In Finance) is a process of developing a new subsidiary that will operate in an unfamiliar market by using the parent company’s brand and distribution channels as leverage to achieve profitability and recognition.
d) (In Insurance) is a condition or service that isn’t covered in the main policy but has been purchased separately to improve the basic policy.
In a Sentence:
Hendrickson should have been fired for his budget manipulations, but since the company values his skills, they used a carveout to issue him a written warning.
If you want to know my opinion, then I think that we need to try to create a carveout union. It’s quite obvious that the leaders of our union are just puppets in the hands of the management.
Even though UltraLight has never entered the online market before, they believe the carveout of a new subsidiary will be successful, due to how famous their brand has become with the youth.
Synonyms and related words: collective bargaining, parent firm, shareholder, subsidiary, insurance policy