Standing by tee, grip's loose (8)
I believe the answer is:
prestige
'standing' is the definition.
(prestige is a kind of standing)
'by tee grip's loose' is the wordplay.
'by' is a charade indicator (letters next to each other).
'loose' is an anagram indicator (letters are loosened from their original positions).
'tee' put after 'grips' is 'gripstee'.
'gripstee' is an anagram of 'PRESTIGE'.
(Other definitions for prestige that I've seen before include "Reputation based on achievements" , "Reputation, standing" , "Widespread respect attracted through achievements" , "Widespread respect for high quality" , "High repute" .)