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Definition of clearance : 1. A certificate that a ship or vessel has been cleared at the customhouse; permission to sail.
2. Clear or net profit.
3. The act of clearing; as, to make a thorough clearance.
4. The distance by which one object clears another, as the distance between the piston and cylinder head at the end of a stroke in a steam engine, or the least distance between the point of a cogwheel tooth and the bottom of a space between teeth of a wheel with which it engages.

Synonyms:

leave, keep, headroom, removal, clearing, elimination, consent, headway, room, dynamic headroom, leeway, withdrawal, extent, head, riddance, liquidation, margin, purge, allowance, authorization, approval, eradication, permission

acquittal, release, discharge, forgiveness, dismissal, exculpation, vindication, freedom, exoneration, liberation, absolution, amnesty, defrayal

Usage examples:

• " I cannot estimate in advance what the cost of his clearance will be. - "Philo Gubb Correspondence-School Detective", Ellis Parker Butler.
• I must wait for a clearance, it seems. - "The Complete Project Gutenberg Works of George Meredith", George Meredith.
• We must, as a part of a revised housing and urban renewal program, give more help to those displaced by slum clearance, provide more housing for our poor and our elderly, and seek as our ultimate goal in our free enterprise system a decent home for every American family. - "Complete State of the Union Addresses from 1790 to the Present", Various.