Commitment

From Open Risk Manual

Definition

Commitment. A legal construct which represents the undertaking on the part of some party to act or refrain from acting in some manner.

Issues and Challenges

The undertaking by some party to act or refrain from acting results in an obligation on the part of that party, and usually results in the existence of some corresponding right on the party of some other party, in the event that the commitment is to such party. Thus Obligations and Rights are considered as reciprocal aspects of this Commitment concept.

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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Facts about "Commitment"
IsDefinedBy
URI of an entity that is defined via an imported vocabulary.
https://spec.edmcouncil.org/fibo/ontology/FND/Agreements/Agreements/index-en.html +