1.Introduction
With the Internet coming into picture, e-business has now become an easy way for interaction between firms and their customers. The Internet era has added a lot of value to the supply chain by helping firms to carry out a cost effective business, transfer of information between companies, suppliers and customers. The impact of e-business on supply chain integration can be seen mainly on four key points: information integration, effective Planning, workflow coordination &new business model.
A virtual enterprise is formed when various autonomous companies come together and act as a unit by tightly integrating their business processes by the means of IT & ICT. A contract is an agreement built on the fundamentals of mutual commitment for cooperation, between two or more parties that binds those parties. In a B2B, e-business contract is a formal agreement between a buyer and seller for managing negotiations and validate operations. It is signed to address the issues of fraud and working on specific terms and conditions. It should describe both parties involved, definition of specific terms used in the contract, the jurisdiction under which the contract is valid and enforced, duration of the contract and the terms and conditions for each transaction. Therefore this calls for the need of formal norms for process-oriented contracts and specifies a criteria to form basis for synergy between the private view and public view of a contract on the fundamental lines of open nets & ensures a contract implementation free of deadlocks & which can terminated. Architecture for e-contracts based on XML supports negotiation as well as settling phase of contracts. Various contract model types like Contract net protocol(CNP), TRACONET, CAS,CIA can be adopted depending on the situation the enterprise finds itself in. The semantics of business communication should account