Standard cut reduced (3)
I believe the answer is:
par
'standard' is the definition.
(I've seen this before)
'cut reduced' is the wordplay.
'cut' becomes 'pare' (paring is a kind of cutting).
'reduced' means to remove the last letter.
'pare' with its final letter removed is 'PAR'.
(Other definitions for par that I've seen before include "Target score (golf)" , "Rap to get even" , "Regular score" , "Norm" , "Rap for being average" .)