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Re: Is a choreography a contract

From: Steve Ross-Talbot <steve@enigmatec.net>
Date: Tue, 3 Jun 2003 12:31:03 +0100
Cc: "Assaf Arkin" <arkin@intalio.com>, <public-ws-chor@w3.org>
To: "Bob Haugen" <rhaugen@speakeasy.net>
Message-Id: <DBE0BBEE-95B6-11D7-9BEB-000393AD2AA6@enigmatec.net>

Couldn't agree more. Remember that on Wall Street and in all of the 
financial capitals of the world compliance is now a number one priority.
If one can show that a trade's lifecyle has been correctly applied then 
compliance is in part answered. If we could show that a lifecyle was 
followed
according to specification from a regulator (bi-simulation if you will) 
then we get full compliance as part and parcel of the choreography and 
supporting
tools.

I can easily provide real usecases where this is required.

Cheers

Steve T

On Tuesday, June 3, 2003, at 12:00  pm, Bob Haugen wrote:

>
> Assaf Arkin wrote:
>>> * A choreography for how business partners will form legally binding
>>> contracts.
> [...]
>>> * A choreography referenced in an economic contract applying
> financial
>>> penalties for failure to fulfill commitments.
>> ^^^^
>> That's precisely the point. The choreography should be referenced by
> the
>> economic contract and that would render it legally binding. There's no
>> need for the choreography to reference the economic contract, the
>> economic contract is all the evidence you need.
>
> Another point: In these situations,
> the choreography itself has legal significance.
> Did we, or did we not, form a legally binding contract?
> Were the penalties applied fairly?
> A comparison of the choreography rules and execution log
> may be necessary to answer legal questions.
> Execution logs and choreography rules will become legal evidence.
>
>
>
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Received on Tuesday, 3 June 2003 07:31:50 GMT

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