Commitment Contract - A Commitment Contract is a pre-commitment device that forces users to make decisions upfront (now) about their future behavior—in other words, it’s a contract you sign with yourself to ensure you will do something. Commitment Contracts ask users to:
1) Define a goal
2) Put money on the line (if you want)
3) Invite a Referee
4) Invite Supporters
Referee - A friend or family member that you select to monitor and verify the progress of your Commitment. Your Referee can be anyone you want - your friend, spouse, personal trainer, etc. Every time you submit a report, your Referee receives an email asking them to confirm the Report's accuracy. Your Referee will be notified and asked to verify the status of your Report. A Referee may choose to take your word for it, or ask you for proof that you kept your Commitment.
Supporters - People you enlist to cheer you on as you strive to reach your goal. Supporters are able to track your progress and post comments in your Commitment Journal. They can also receive notifications each time you Report informing them of your results, so don't let them down!
Stakes - Financial and reputation based incentives that you put on the line in a Commitment Contract. This is a great way to better your chances for success, as they raise the price of failure.
Recipient of Stakes - Person or organization that you elect to receive your money if you are unable to keep your Commitment. There are three types of Recipient of Stakes - Charity, Anti-Charity and Friend/Foe.
Anti-Charity - An organization whose views you strongly oppose, or one which promotes values that are contrary to your own, that you select to receive any lost Stakes. The purpose of an Anti-Charity is to provide an added incentive for you to achieve your goal.