Victory or defeat (8)
I believe the answer is:
conquest
This clue is a double definition.
'victory' is the first definition.
(I've seen this before)
'defeat' is the second definition.
(I've seen this in another clue)
'or' acts as a link.
(Other definitions for conquest that I've seen before include "leads to defeat" , "occupied territory" , "Victory by force" , "Catch" , "hostile takeover" .)