Current agreement faultless (5)
I believe the answer is:
ideal
'faultless' is the definition.
(I've seen this before)
'current agreement' is the wordplay.
'current' becomes 'I' (symbol for electric current).
'agreement' becomes 'deal' (deal is a kind of agreement).
'i'+'deal'='IDEAL'
(Other definitions for ideal that I've seen before include "Ultimate standard of perfection" , "Very eager (to see)" , "Perfect; visionary" , "immaculate" , "Embodying perfection" .)