1 An action, declaration, document, or statement that corroborates, ratifies, verifies, gives formal approval, or assures the validity of something. See also advice and consent. 2 A court order enforcing an arbitrator's decision. See also award, order, and judgment. 3In commercial law, an agreement, usually by a bank, to honor a letter of credit issued by someone else, usually another bank, and to seek reimbursement from the instrument's issuer. 4In property law, a conveyance of an interest i...