Commitment [Dido Solutions, Inc Wiki]

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====== 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.

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