commutation
🇺🇸
/ˌkɑːmjuˈteɪʃn/
🇬🇧
/ˌkɒmjuˈteɪʃn/
Changing a punishment to something less serious.
The judge granted commutation, reducing the punishment from a fine to community service.
Exchanging one form of payment for another.
The bank allowed commutation of the monthly fee with a yearly payment.