A computable contract is a contract that a computer can read, understand and execute. The financial services industry makes extensive use of contracts, for example, mortgage agreements, derivatives contracts, arbitration agreements, etc. Most of these contracts exist as text documents, making it difficult to automatically query, execute and analyze them. In this vision paper, we argue that the use of computable contracts in the financial services industry will lead to substantial improvements in customer experience, reductions in the cost of doing legal transactions, make it easier to respond to changing laws, and provide a much better framework for making decisions impacted by contracts. Using a simple payment agreement, we illustrate a Contract Definition Language, sketch several use cases and discuss their benefits to the financial services industry.
翻译：可计算合同是计算机能够阅读、理解和执行的合同。金融服务业广泛使用合同,例如抵押贷款协议、衍生产品合同、仲裁协议等。 这些合同大多作为文本文件存在,因此难以自动查询、执行和分析。 在本愿景文件中,我们争辩说,在金融服务行业使用可计算合同将导致客户经验的重大改善,降低法律交易的成本,更容易对不断变化的法律作出反应,并为受合同影响的决策提供一个更好的框架。 我们用简单的支付协议来说明合同定义语言,勾画几个使用案例,并讨论这些案例对金融服务行业的好处。
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