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Predicament after syndicate raised an ambiguity in contract? (8)

Ross

I believe the answer is:

loophole

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'an ambiguity in contract?' is the definition.
I can't judge whether this definition defines the answer.

'predicament after syndicate raised' is the wordplay.
'predicament' becomes 'hole' (hole can mean a difficult situation).
'after' means one lot of letters go next to another.
'syndicate' becomes 'pool' (synonyms).
'raised' shows that the letters should be reversed in order (going up in a down clue).
'pool' reversed gives 'loop'.
'hole' put after 'loop' is 'LOOPHOLE'.

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(Other definitions for loophole that I've seen before include "Mistake in legislation" , "Means of evasion" , "Exploitable ambiguity" , "Means of evading an obligation" , "Opportunity to evade difficulty" .)

I've seen this clue in The Telegraph.
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