Cut pace and lose out (8)
I believe the answer is:
escalope
'cut' is the definition.
(escalope is a kind of cut)
'pace and lose out' is the wordplay.
'and' is a charade indicator (letters next to each other) (I've seen this in other clues).
'out' is an anagram indicator (out can mean wrong or inaccurate).
'pace' after 'lose' is 'losepace'.
'losepace' anagrammed gives 'ESCALOPE'.
(Other definitions for escalope that I've seen before include "Thin piece of meat" , "food" , "Thin slice of boneless meat" , "what might feature in the catering" , "Thin slice of boneless veal" .)