Race is on to rectify situation (8)
I believe the answer is:
scenario
'situation' is the definition.
(a scenario is a particular situation or outcome)
'race is on to rectify' is the wordplay.
'to rectify' indicates anagramming the letters (I've seen 'rectified' mean this).
'race'+'is'+'on'='raceison'
'raceison' is an anagram of 'SCENARIO'.
(Other definitions for scenario that I've seen before include "Summary of plot of play" , "Production plan" , "Postulated sequence of events" , "Film script outline" , "Event postulation" .)