Cutback
Cutback turns up in 2 fields: waterproofing, shop slang. Here is what it means to the people in each one.
Cutback in waterproofing
Asphalt or coal tar that has been liquefied with petroleum solvents.
Bituminous material thinned with solvents like mineral spirits so it can be applied as a liquid at ambient temperatures. As the solvent evaporates, the material cures into a solid waterproof layer. It is heavily used in cold-process adhesives, roof cements, and damp-proofing mastics.
"Trowel some cutback mastic around that drain bowl to seal the edge."
Cutback in shop slang
A deliberate reduction in funding, personnel or resources allocated to a project or department.
A management decision to reduce operational expenses by eliminating jobs, canceling equipment orders or reducing overtime allowances. On the shop floor, this usually translates to working with older machinery, fewer consumable supplies and a smaller crew expected to maintain the same output.
"They announced another cutback on maintenance spending, so we've to patch these belts instead of replacing them."