Fine. Is French competitor run out? Let’s have celebration! (8)
I believe the answer is:
festival
'celebration' is the definition.
(festival is a kind of celebration)
'fine is french competitor run out? let's' is the wordplay.
I cannot really see how this works, but
'fine' could be 'f' (abbreviation) and 'f' is located in the answer.
'is french' could be 'est' (I've seen this in other clues) and 'est' is located in the answer.
This explanation may well be incorrect...
'have' acts as a link.
Can you help me to learn more?
(Other definitions for festival that I've seen before include "Period for feasting and celebration" , "Day set aside for celebration" , "Holy day" , "Fair" , "Traditionally time of celebration" .)