We present a logical framework for modeling Universal Business Language (UBL) processes. The proposed framework provides a representation of the dynamic world being modeled on the user supplied axioms about preconditions and the initial state of the world, and produces a workflow specification at a higher level of abstraction. We use the Frieghtbilling process of the UBL as a case study for our experiment. Further we extract ontology from the associated UBL document that can ensure efficient information retrieval, discovery and auditing. We use the popular semantic web formalism, Web Ontology Language (OWL) for ontology construction purposes. These domain ontologies can play a useful role in many applications, like constraining requirements.