RATCHET CLAUSE
\ɹˈat͡ʃɪt klˈɔːz], \ɹˈatʃɪt klˈɔːz], \ɹ_ˈa_tʃ_ɪ_t k_l_ˈɔː_z]\
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1. Contracts: A stipulation where the contract rights of those involved is adjusted according to the formula agreed to as each stage is completed. 2. Utility Bills: A stipulation where the monthly charge is based on the highest measured charge over the preceding year.
By Henry Campbell Black
