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An overview of the new Records in Contexts Ontology (RiC-O), as a part of the Records in Contexts (RiC) standard, which has been developed by the International Council on Archives to describe and contextualize archival resources in a comprehensible way that goes beyond the possibilities of the existing archival standards. The article explains the rationale for developing a new standard for archival description, and particularly the ontology. It provides a quick overview of the RiC Conceptual Model and then focuses on RiC-O, its design principles and content and giving references to more precise documentation that is publicly available online. Finally, it presents the roadmap and future perspectives of RiC. This article is part of the Proceedings of Linked Archives International Workshop 2021 co-located with the 25th International Conference on Theory and Practice of Digital Libraries: TPDL 2021.