Meaning of the word "draw up a new agreement" in English

What does "draw up a new agreement" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

draw up a new agreement

US /drɔː ʌp ə nuː əˈɡriː.mənt/
UK /drɔː ʌp ə njuː əˈɡriː.mənt/
"draw up a new agreement" picture

Phrase

to prepare and write out a formal document or contract

Example:
The lawyers will draw up a new agreement by next week.
We need to draw up a new agreement that reflects the current terms.