Contractual Transaction Party

From Open Risk Manual

Definition

Contractual Transaction Party. That which is party to a transaction which has contractual standing.

In REA, transactions may include those which are not between legal entities,such as for example internal transactions within a business and between business units. This term Contractual Transaction Party forms the basis for all party definitions for transactions which have some formal contractual basis as being between discrete legal entities (legal persons or other contractually capable entities e.g. non incorporated entities). This is the basis for all derivatives transactions, securities market transactions and so on.

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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