This paper focuses on business-to-business contractual relationship in the context of second-generation contract management solutions. In particular, it describes the contract framework developed at HPLabs Bristol, UK. The presented solution is based on the concept of electronic contract, which represents a machine interpretable model for contracts. The contract framework has been designed with...

In this short paper we present the current status on formal languages and models for contracts. By a formal model is meant an unambiguous and rigorous representation of contracts, in order to enable their automatic validation, execution, and analysis — activates that are collectively referred to as contract lifecycle management (CLM). We present a set of formalism requirements, which represent ...

Using a large linked employer-employee data set, this paper studies the extent to which employers insure workers against transitory and permanent firm-level shocks. Particular emphasis is given to the question of whether the amount of wage insurance depends on the nature of industrial relations. Adopting the identification strategy proposed by Guiso et al. (2005), it is shown that wage insuranc...

The study examines the existence of liquidity risk premia on freight derivatives returns. The Amihud liquidity ratio and bid-ask spreads are utilized to assess the existence of liquidity premia. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives r...

As in traditional commerce, parties to a contract in ebusiness environments are expected to operate in good faith and comply with mutually agreed terms of contract. It may be the case however that deviation from the agreed contract obligations occur either intentionally or due to force majeure. In this paper we argue that there is value in providing various levels of automated support to deal w...