formal
adjective
uk/ˈfɔːməl/ usstated or agreed in writing:
a formal agreement/contract/offer They are required to make a binding formal offer and then publish an offer document within 28 days.
done publicly or officially:
a formal announcement/discussion/investigation The two companies began formal discussions to renegotiate the $2.8 billion power project.
used to describe clothing that is suitable for important or official occasions:
Please note that formal dress is not required at the dinner.
used to describe education or training that is received in a school or college:
Lacking formal education, he worked as a sharecropper and journeyman laborer to support his family.
ECONOMICS
used to describe businesses that are officially recognized, pay taxes, etc.:
In Mexico small and medium-sized enterprises generate six out of ten jobs in the formal sector.
formally
adverb
The bid for the company could be formally accepted early next week.