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In telecommunications, a Slip is defined as follows: In a sequence of transmitted symbols, e.g., digital bits, a signal phase shift, i.e., a signal positional displacement, that causes the loss of one or more symbols or the insertion of one or more extraneous symbols.

Note: Slips are usually caused by inadequate synchronization of the two clocks controlling the transmission and reception of the signals that represent the symbols.

Source: from Federal Standard 1037C

In the field of clothing a slip is a woman's underskirt, worn to help a dress or skirt hang smoothly.