====== Right ======

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

===== Discussion =====

A Right is an entitlement held by a [[public:99_annexes:annex-b-terms-and-definitions:p:party|Party]].

A Right may entitle a Party to:

  * Perform a specified action
  * Refrain from performing a specified action
  * Be in a specified state
  * Avoid being in a specified state
  * Require another Party to perform a specified action
  * Require another Party to refrain from performing a specified action

A Right may arise from an [[public:99_annexes:annex-b-terms-and-definitions:a:agreement|Agreement]], law, regulation, policy, ownership interest, authority, or another applicable source.

A Right may correspond to an [[public:99_annexes:annex-b-terms-and-definitions:o:obligation|Obligation]] imposed upon another Party. Not every Right requires another Party to perform an action.

===== Definition =====

>//entitlement to perform or refrain from specified actions, to be or not be in specified states, or to require others to perform or refrain from specified actions//

===== Source =====

Adapted from:

  * [[https://spec.edmcouncil.org/fibo/ontology/FND/Law/LegalCapacity/Right|Financial Industry Business Ontology, Foundations, Legal Capacity Ontology, Right]]

===== Note =====

  * A Right identifies an entitlement rather than an action performed under that entitlement
  * A Right may be held by a Person, Organization, or another Party
  * A contractual Right arises from an Agreement or Contract
  * A legal Right arises under an applicable legal framework
  * A Right may imply a corresponding Obligation for another Party
  * A Right may be conditional, limited, transferable, exercisable, waived, suspended, terminated, or expired
  * A Right is distinct from a Permission because a Permission authorizes conduct while a Right establishes an entitlement
  * Recording a Right does not, by itself, determine that the Right exists or is legally enforceable

===== Example =====

An Agreement grants one Party the Right to terminate the Agreement after a specified event.

The Right entitles that Party to initiate termination when the applicable Conditions are satisfied. The Agreement may impose a corresponding Obligation on the other Party to recognize the termination and perform any required closeout activities.

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