Reconciliation
/ˌrɛkənˌsɪliˈeɪʃən/
Definitions
- (n.) The process of resolving differences and restoring harmony between disputing parties, often through negotiation or mediation in law.
The reconciliation between the two companies avoided costly litigation.
- (n.) The act of comparing accounting records to ensure consistency and accuracy, especially in financial and corporate law contexts.
The auditor performed a reconciliation of the company's bank statements with its ledger.
Forms
- reconciliations
Related terms
See also
Commentary
In legal drafting, distinguish between reconciliation as dispute resolution and as an accounting procedure; context clarifies usage.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.