====== Obligation ======

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

===== Discussion =====

An Obligation represents a recognised duty, requirement, or commitment assigned to a party, participant, [[dido:99_annexes:annex-b-terms-and-definitions:f:financial_node|Node]], service provider, governed process, or governed function.

In a [[dido:99_annexes:annex-b-terms-and-definitions:f:financial_system|Financial System]], an Obligation provides the basis for settlement expectations, policy enforcement, evidence production, service performance, qualification, governance review, and accountability.

The FX Demo uses Obligation as a general concept. Specific profiles specialize obligations into settlement obligations, policy obligations, evidence obligations, release obligations, service-level obligations, and cash-flow obligations.

===== Definition =====

//recognised duty, requirement, or commitment assigned to a party, participant, [[dido:99_annexes:annex-b-terms-and-definitions:f:financial_node|Node]], service provider, governed process, or governed function//

===== Source =====

Generalised from FIBO financial contract concepts and 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 =====

An Obligation is not a payment, message, instruction, policy rule, evidence record, contract document, or implementation artifact. Those artifacts describe, evidence, discharge, enforce, or record an obligation.

===== Example =====

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