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Decisions:
Contracts – Offers – Products
- there is general agreement that this is a good distinction
- there is a continuum that needs to be taken into account between
- off the shelf product offers that are fixed, just need to be signed
- fully bespoke, one off created from scratch contracts, for which there is not really a useful offer or product per se that is distinct from the contract
Contract Terms
- we agree that there is a distinction between the force of what is required, permitted, forbidden in a contract term vs. the evidence of that in the form of a document.
- Use the term “ContractTerm” for the real thing, and it is ‘evidencedBy’ a document.
Obligations
- Distinguish between payments
- repay the principle
- pay for interest, taxes, fees etc
Most of this has already been reflected in the models being developed.
See: LoanOverview-V4-6Aug15.pdf
Discussion items
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