Facts, assumptions and calculations are three different things

Ask a language model for a valuation and you get a paragraph in which an observed figure, a chosen growth rate and an arithmetic step are indistinguishable. Ask an analyst and you get a workbook where they sit on different sheets, because in twelve months somebody will need to change one without touching the others.

#What the contract enforces

• Inputs, Model, Output, Sources and Checks are separate sheets.
• A fact carries a source identifier. A fact without one is refused before the file is written.
• Output and Checks carry formulas, not values someone typed. Change an input and the file recomputes.
• A check declares what was expected, what was obtained and a tolerance, then reports pass or gap.

None of this is novel financial practice. What is worth saying is that it survives contact with an agent only if the contract refuses the shortcut — and the refusal has to happen before the file exists, not during review.

LimitThe engine has never been driven by an agent in a live session. Every link of the chain has a test; none of them has been watched 1.