Crossword Genius

The nick of time (6)

Ross

I believe the answer is:

prison

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'the nick' is the definition.
(British slang)

I cannot understand how the rest of the clue works.

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(Other definitions for prison that I've seen before include "Correctional institution" , "punishment" , "Place of confinement" , "Wormwood Scrubs, for example" , "Place of incarceration" .)

I've seen this clue in the Evening Standard.
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