To me, "calibration" implies adjusting to spec - not simply measurement (unless the DUT is already in spec).
From the UKAS accredited laboratory we use:
"Calibration" = measuring the output of an instrument under known conditions and recording its output.
"Adjustment" = making changes to an instrument in order to make its output match the conditions it's actually measuring.
A reliable instrument can be
calibrated every year without ever changing how it reads, and that's important. It means measurements you take with it today are directly comparable with ones you made last year, and the year before that, and the year before that etc.
If an instrument is
adjusted, then its readings today are not directly comparable with those taken before adjustment was carried out. It may, however, be more accurate than it was previously, in absolute terms.
Which you need depends on your application. Normally when you send away (say) a DMM, it will come back
calibrated - but only
adjusted if it was actually out of spec to begin with. Even then, some labs wil ask first.