(noun)
the action of cutting something with short, quick strokes or the sound that this produces, i.e. the action or sound of snipping;
e.g. He listened to the snip of the shears as he cut the tall weeds.
(noun)
a small fragment or piece of something that is cut off, or a notch or cut made in something;
e.g. She made a small snip in the fabric to make a buttonhole.
(noun)
in informal British usage, a bargain, i.e. something that was surprisingly inexpensive;
e.g. This skirt was a snip because I bought it on sale.
(noun)
in informal American usage, a small and impertinent person, especially a young girl who is boldly disrespectful;
e.g. He is an insignificant snip and he shouldn't be acting in such a self-important manner.