Contracts
An electronic contract is a legally binding document, electronically signed by the different parties, where the parties engage in doing or giving something in due time. Being able to exchange contracts means being able to exchange anything from goods to services, by being able to settle a barter, a payment, or any combination of both.
More concretely, SXP will include:
- a standardized XML format for describing items to be exchanged. More on specifying items.
- a standardized XML format for specifiying the terms of a contract. Currently this is done by the SXP Contract Specification Schema.
- a secure way to proceed to their signature, as the bottom-layer protocol. More on the Secure Contract Signing protocol.
- an authentication architecture for identifying parties.