Alibi let us off, being of some value (10)

I believe the answer is:

utilisable

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'alibi let us off being of some value' is the definition.
I can't judge whether this defines the answer.

'alibi let us off' is the wordplay.
'off' indicates an anagram.
'alibi'+'let'+'us'='alibiletus'
'alibiletus' with letters rearranged gives 'UTILISABLE'.

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(Another definition for utilisable that I've seen is " Fit for employment".)

I've seen this clue in The Times.

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