Understood I am parking legally (8)

I believe the answer is:

implicit

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'understood' is the definition.
(similar in meaning)

'i am parking legally' is the wordplay.
'i am' becomes 'i'm'.
'parking' becomes 'p' (abbreviation on road signs).
'legally' becomes 'licit' (I can't justify this - if you can you should believe this answer much more).
'im'+'p'+'licit'='IMPLICIT'

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(Other definitions for implicit that I've seen before include "I clip Tim (anag.)" , "meaning is obvious?" , "unreserved" , "Implicit" , "Hinted at" .)

I've seen this clue in The Guardian and The Sun.

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