Using event semantics for modeling contracts

Currently a number of these on-line support systems for electronic contracting are under development. In this paper we develop a logical formalism to represent the content of business contracts. This formalism can be used to develop applications that can automatically negotiate and process contracts, or it can be used to develop online help systems that explain to the human negotiator what for him the implications are of a certain contract that is proposed to him by the counter-party. The formalism we develop is based upon recent developments in the field of the Formal Language for Business Communication (FLBC) and event semantics. In the paper we show how many key constructs of the content of business contracts can be modeled using event semantics. We also show that the formalism can be implemented in Prolog.