Rectification: Definition, Example and Related Terms
What is Rectification ?
Imagine you and your friend decide to trade your favorite comic books. You both write down what you're trading on a piece of paper. Later, you realize that instead of writing 'Spiderman' you accidentally wrote 'Batman'. That's a mistake, right? Rectification in contracts is sort of like that. It's the process of correcting or making right a contract or document that has been improperly or inaccurately recorded or drafted. It's like erasing 'Batman' and writing 'Spiderman' instead.
Here's an interesting fact: Rectification doesn't mean you can change your mind about the deal. It's not a 'do-over'. It's only used to correct mistakes so that the contract accurately reflects what both parties originally agreed to.
Example(s)
Scenario Rectification A toy company agrees to supply 1000 teddy bears to a retailer, but the contract mistakenly says 100. The contract is rectified to show that the toy company will supply 1000 teddy bears, not 100. A band agrees to play at a venue on June 10th, but the contract says July 10th. The contract is rectified to show the correct date of the performance, June 10th. A company agrees to buy 500 computer monitors from a supplier, but the contract lists the wrong model number. The contract is rectified to show the correct model number of the monitors.