====== Agreement ======

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

===== Discussion =====

An Agreement represents a negotiated understanding involving two or more [[public:99_annexes:annex-b-terms-and-definitions:p:party|Parties]].

An Agreement reflects the offer and acceptance of commitments. Those commitments may establish responsibilities, rights, or [[public:99_annexes:annex-b-terms-and-definitions:o:obligation|Obligations]] for the participating Parties.

An Agreement may govern one or more [[public:99_annexes:annex-b-terms-and-definitions:t:transaction|Transactions]], activities, services, relationships, or [[public:99_annexes:annex-b-terms-and-definitions:f:financial_product|Financial Products]].

A [[public:99_annexes:annex-b-terms-and-definitions:c:contract|Contract]] is a specialized Agreement under which the Parties intend to be legally bound. Classifying an arrangement as an Agreement does not, by itself, establish that the arrangement is a legally enforceable Contract.

===== Definition =====


> //negotiated understanding between two or more [[public:99_annexes:annex-b-terms-and-definitions:p:party|parties]] that reflects the offer and acceptance of [[public:99_annexes:annex-b-terms-and-definitions:c:commitment|commitments]] by one or more of those parties//

===== Source =====

Adapted from:

  * [[https://spec.edmcouncil.org/fibo/ontology/FND/Agreements/Agreements/Agreement|Financial Industry Business Ontology, Agreement]]
  * [[private:01-fx:99-annexes:annex-d-references:fxref-025|FXREF-025: Financial Industry Business Ontology]]
===== Note =====

  * An Agreement involves at least two Party Roles
  * A Party may participate in an Agreement through one or more Party Roles
  * An Agreement may confer one or more commitments
  * An Agreement may be bilateral or multilateral
  * An Agreement applies for an explicit or implicit period
  * An Agreement is distinct from a document or other artifact that records or evidences it
  * A Contract is a specialization of Agreement
  * An Agreement does not necessarily constitute a legally enforceable Contract
  * Classification as an Agreement does not determine the Agreement's legal, regulatory, accounting, or operational treatment

===== Example =====

Two Parties establish an Agreement governing a series of Transactions.

The Agreement specifies the commitments accepted by the Parties and the conditions under which the Transactions may occur.

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