reformation

reformation definition - business

reformation

Alteration of a contract to more accurately represent the intentions of the parties at the time the contract was signed. For example, an insurance contract that was issued without a type of coverage that was agreed to both by the agent and the client may undergo reformation.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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