SUMMARY
Modulation in translation theory is usually observed as a procedure involving a change in point of view in the target–language text. The paper introduces a newly modified concept of perceiving the process as variation in two or more Slovene translation equivalents corresponding to a single English collocation of the source text. The reasons or conditions for such modulation can be sought in collocations representing a loosely fixed word combination and thus often allowing variation on the syntagmatic axis, collocations as a minimum context and extended minimum context, co–text as a whole, and TL situation.