Nominalisation on steroids. A noun that should have settled on being a verb many years ago.

An old favourite, applicability started out life as a verb (“apply”), became a noun (“application”), became an adjective (“applicable”, shape-shifted then into a new verb — albeit a passive one — (“to be applicable”), and eventually settled on a life of tiresome nounitude in its adult form as “applicability”.

But at what cost to the reader? Without thinking on it, choose your favourite:

This clause applies.
This clause is applicable.