====== Contract ======

[[dido:99_annexes:annex-b-terms-and-definitions:start|Go up to Terms and Definitions]]

===== Discussion =====

A Contract represents an agreement that establishes recognised rights, obligations, terms, conditions, or performance expectations among parties.

In a [[dido:99_annexes:annex-b-terms-and-definitions:f:financial_system|Financial System]], a Contract provides the business basis for transaction interpretation, contract state management, cash-flow computation, settlement expectations, audit, provenance, evidence, and review.

The FX Demo uses Contract as a logical business concept. Later logical profiles and implementation profiles define the information structures, states, computations, endpoints, services, and artifacts that represent or process contract information.

===== Definition =====

//agreement that establishes recognised rights, obligations, terms, conditions, or performance expectations among parties//

===== Source =====

Generalised from financial contract concepts in FIBO Contracts Ontology and from ACTUS financial contract modeling concepts; specialized for use in the FX Demo [[dido:99_annexes:annex-b-terms-and-definitions:r:reference_architecture|Reference Architecture]].

===== Note =====

A Contract is not a legal document, database record, ledger entry, API payload, DDS sample, smart contract, executable model, or deployment artifact. Those artifacts may represent, evidence, execute, store, or process contract information.

===== Example =====

An FX forward contract establishes recognised obligations for counterparties to exchange specified currencies at a specified rate on a specified settlement date.