]> Payments and Schedules Ontology This ontology defines basic concepts such as payment, payee, payer, and payment schedule, extending the scheduling concepts from the Dates and Times module, among others. Copyright (c) 2013-2025 EDM Council, Inc. Copyright (c) 2013-2025 Object Management Group, Inc. Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the 'Software'), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED 'AS IS', WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. See https://opensource.org/licenses/MIT. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of the ontology was modified to use the Commons Ontology Library (Commons) Annotation Vocabulary rather than the OMG's Specification Metadata vocabulary. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified per the FIBO 2.0 RFC to make hasPaymentAmount a child of hasMonetaryAmount and move hasObligation and isObligationOf to Agreements. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified per the issue resolutions identified in the FIBO FND 1.1 RTF report to replace MoneyAmount with MonetaryAmount. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to clean up the definition and augment the restrictions on payment obligation to include the payee. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to eliminate deprecated elements. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to eliminate remaining circular references. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to fix spelling errors. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to normalize properties related to payment obligations (DER-55). The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to replace content that is now available in the OMG Commons Ontology Library (Commons) v1.1 (FND-380). The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to revise payments to better support loan requirements and eliminate duplication of concepts in LCC. The https://spec.edmcouncil.org/fibo/ontology/FND/ProductsAndServices/PaymentsAndSchedules.rdf version of this ontology was modified to use the Commons Ontology Library (Commons) rather than the OMG's Languages, Countries and Codes (LCC), eliminating redundancies in FIBO as appropriate. Copyright (c) 2013-2025 EDM Council, Inc. Copyright (c) 2013-2025 Object Management Group, Inc. payee a party to whom a debt should be paid, or to whose order a bill of exchange, note, or check is made payable, or who receives or will receive a payment from a payer in partial or complete fulfillment of an obligation payer a party who pays a bill or fees, or who makes payments to a payee in partial or complete fulfillment of an obligation payment delivery of money in fulfillment of an obligation, such as to satisfy a claim or debt 1 1 payment event an event that involves delivery of money in fulfillment of an obligation payment obligation legally enforceable duty to pay a sum of money according to the terms stated in a contract the duty of a borrower to repay a loan, related to the legal right of a lender to enforce payment payment schedule schedule for delivery of money in fulfillment of an obligation Examples include coupon payment, loan payment, and interest payment schedules, among others. fulfills obligation satisfies a requirement for payment of some claim, debt, or other obligation has payment amount specifies the amount of money involved in a payment has payment schedule specifies the schedule for fulfillment of an obligation