basket clause

basket clause

n
(Industrial Relations & HR Terms) an all-inclusive or comprehensive clause in a contract
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A basket clause plus a case-by-case review of individual situations might also provide a way to make available a common bank and thrift charter to those unitary thrift institutions that are affiliated with nonfinancial businesses.
Says Palay, "Under the Canadian-British Insurance Companies Act, insurance firms are restricted from investing in venture capital, but there is a basket clause that allows a small percentage of all funds to be put into non-designated areas.