A contract model for electronic institutions

Abstract

Electronic institutions are software frameworks integrating normative environments where agents interact to create mutual commitments. Contracts are formalizations of business commitments among a group of agents, and comprise a set of applicable norms. An electronic institution acts as a trusted third-party that monitors contract compliance, by integrating in its normative environment the contractual norms, which are applicable to the set of contractual partners. In this paper we present and explore a contract model that facilitates contract establishment by taking advantage of an institutional normative background. Furthermore, the model is flexible enough to enable the expansion of the underlying normative framework, making it applicable to a wide range of contracting situations.