Semantic Representation of Contract Knowledge using Multi Tier Ontology

Business contract knowledge exists dispersed in different domains. For successful business process functioning, a precise, clear understanding and interpretation of contractual terms and conditions is required. A semantic interpretation of contract obligations and their required performances to fulfill the obligations, is aimed to bridge the existing gap between business process management and contract management. The increasing impact of e-commerce also necessitates the requirement for centralized, reusable knowledge bases. This paper presents conceptual models and an ontological representation methodology for capturing semantic interpretations of business contracts in a Multi Tier Contract Ontology.

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