Professional woman's old stipulation (7)
I believe the answer is:
proviso
'stipulation' is the definition.
(I know that proviso is a type of stipulation)
'professional woman's old' is the wordplay.
'professional' becomes 'pro' (abbreviation).
'woman's' becomes 'Vis' (short for Violet).
'old' becomes 'o' (abbreviation).
'pro'+'vis'+'o'='PROVISO'
(Other definitions for proviso that I've seen before include "Condition of stipulation of an agreement" , "Something insisted upon as part of an agreement" , "Rider" , "Stipulation (in contract)" , "Condition for VIP or so" .)