Contractual Economic Commitment
Contractual Economic Commitment. Some Commitment, made as part of a transaction (economic) agreement, which has contractual standing.
In REA, transactions may be modeled with or without contractual standing, for example transactions between departments within an organization. For all transactions which are between distinct legal persons or entities, this Contractual Economic Commitment represents the type of commitment which is in force. In an economic transaction there are always two of these, corresponding to the two sides of the transaction (e.g. delivery and payment, or payment of two separate swap streams).
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