Under no circumstances should the client be made to feel as though his need to get the contract quickly played a role in why the price was different or caused a problem for the company. This would certainly lose him to a competitor. However, the client should not be overcharged, even if he agreed to the price. His conversations with others in the business world could show that he paid much more than his counterparts, and he might want to know why that was the case. This could stop him from ever purchasing anything else from the company, but he could also provide a lot of negative publicity for the company.
Instead, the client should be given the new contract and told that there was a pricing error made on the original one. It is important to be honest about the fact that there was an error made but it is not necessary to explain about the lack of the review process or indicate that the salesman did something incorrectly.
By mentioning these kinds of things Mr. Cody and the entire company could lose a lot of credibility with the customer. Instead, this customer will see that the company was honest enough to admit its mistake and to provide a new contract at a price that was less than what he had already agreed to pay. This will save the customer money and make him feel as though the company is interested in and cares about their customers. While there is no guarantee that this will work out the way it is intended, it is the best course of action based on the available information. The negative publicity from the customer finding out about the premium later and feeling cheated is too great of a risk for.