SLIP (4)

Slip, n. 1. 1. (Mach.) (a) The retrograde movement on a pulley of a belt as it slips. (b) In a link motion, the undesirable sliding movement of the link relatively to the link block, due to swinging of the link.
2. 2. (Elec.) The difference between the actual and synchronous speed of an induction motor.
3. 3. (Marine Insurance) A memorandum of the particulars of a risk for which a policy is to be executed. It usually bears the broker's name and is initiated by the underwrites.