commencement

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com|mence|ment /kəm'ensmənt/ (commencements)
1 [N-UNCOUNT] usu the N of n
The commencement of something is its beginning. (FORMAL)
All applicants should be at least 16 years of age at the commencement of this course.
2 [N-VAR] usu N n
Commencement is a ceremony at a university, college, or high school at which students formally receive their degrees or diplomas. (AM; in BRIT, use graduation)

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allowance

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