carveout is a real word. In contract law and in financial regulations, it refers to a specific exception to a general rule. I have seen many organizational bo

carveout is a real word. In contract law and in financial regulations, it refers to a specific exception to a general rule. I have seen many organizational bodies, like the IFRS, use carveout as a word rather than carve-out. Unfortunately I spent way too much time this week dealing with legal issues :/