How to apologise effectively and with dignity

An apology from a company to a client is often necessary. If you as a service provider or manufacturer have made a mistake, it is not enough merely to correct that mistake and compensate any losses incurred by the client. In order to maintain a healthy relationship with customers, you also need to apologise. How to go about this? What should such an apology look like and how should you express it so that the client accepts it and you save your reputation with them?

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