Set-aside

A 'set-aside' refers to the act of reserving or allocating a portion of something, such as funds, resources, or opportunities, for a specific purpose or group. This practice often aims to ensure fairness, promote diversity, or meet predetermined goals. It typically involves a formal designation, preventing the general availability of the reserved items. Set-asides are prevalent in government contracts, business ventures, and legal frameworks, acting as a tool for targeted investment or preferential treatment.

Set-aside meaning with examples

• The government implemented a set-aside program for small businesses, allocating a percentage of federal contracts exclusively for them. This initiative was designed to stimulate economic growth in local communities and promote competition.
• To boost diversity, the university established a set-aside policy for scholarships, reserving a specific number for students from underrepresented backgrounds. This aimed to create a more inclusive campus environment and improve access to higher education.
• During the restructuring, the company made a set-aside of funds to cover potential severance packages for laid-off employees. This financial precaution ensured that affected individuals received appropriate support during the transition.
• The judge issued a set-aside for the evidence deemed obtained illegally, preventing its use in the trial. This upheld the defendant's rights, demonstrating the importance of the legal framework.
• The organization planned a set-aside for its conservation fund. This meant funds could be directed to protected areas to protect endangered species and their habitat.