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Contract
Discussion
A Contract represents an agreement that establishes recognised rights, obligations, terms, conditions, or performance expectations among parties.
In a 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 artefacts 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 modelling concepts; specialised for use in the FX Demo Reference Architecture.
Note
A Contract is not a legal document, database record, ledger entry, API payload, DDS sample, smart contract, executable model, or deployment artefact. Those artefacts 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.