====== Commitment ====== [[public:99_annexes:annex-b-terms-and-definitions:start|Go up to Terms and Definitions]] ===== Discussion ===== A Commitment records a promise made by a [[public:99_annexes:annex-b-terms-and-definitions:p:party|Party]] to act or refrain from acting in a specified manner. A Commitment may be expressed in an [[public:99_annexes:annex-b-terms-and-definitions:a:agreement|Agreement]], offer, undertaking, declaration, or other authoritative communication. A Commitment may give rise to a corresponding [[public:99_annexes:annex-b-terms-and-definitions:r:right|Right]] or [[public:99_annexes:annex-b-terms-and-definitions:o:obligation|Obligation]]. Whether it does so depends on the applicable legal, contractual, or institutional framework. ===== Definition ===== >//promise made by a [[public:99_annexes:annex-b-terms-and-definitions:p:party|party]] to act or refrain from acting in a specified manner// ===== Source ===== Adopted from: * [[https://spec.edmcouncil.org/fibo/ontology/FND/Agreements/Agreements/Commitment|Financial Industry Business Ontology, Commitment]] * [[private:01-fx:99-annexes:annex-d-references:fxref-025|FXREF-025: Financial Industry Business Ontology]] ===== Note ===== * A Commitment identifies the promised conduct and the Party making the promise * A Commitment may concern an action, omission, result, or continuing course of conduct * A Commitment may be conditional * A Commitment may have an applicable period * A Commitment may result in a corresponding Right or Obligation * A Commitment is distinct from evidence documenting that the Commitment was made * Not every statement of intention constitutes a Commitment ===== Example ===== A Party commits to deliver a specified currency amount on an agreed settlement date. The Commitment identifies the promised delivery. The governing Agreement determines whether the Commitment creates a corresponding Obligation and Right. ---- © 2026 Dido Solutions, Inc. and Jackrabbit Consulting, Inc.